Latin American and Caribbean negotiators came away disappointed from November’s U.N. climate talks, having failed along with conferees from other developing regions to secure what they deem adequate climate funding, especially for adaptation. Finance was top of mind at this year’s edition of the U.N. climate summit, known as COP29 and held Nov. 11-22 in Baku, Azerbaijan. At issue was a new climate-finance target—the New Collective Quantified Goal (NCGQ). This would replace the current goal of US$100 billion in annual public and private climate financing for developing countries—a target that was set in 2009 and expires in 2025. What emerged in Baku was a commitment to set the new target at US$300 billion in annual climate funding starting in 2025—a far cry from the US$1.3 trillion annually sought by countries of the Global South. Mention of the $1.3 billion target did appear in... [Log in to read more]