US Champions Climate Equity: Pushes for Broader Contributor Base in Global Climate Finance

The US aims to reshape climate finance by broadening contributor responsibilities at COP29

Potential difficulties with nations that are developing may arise as a result of the United States' bold decision to broaden the pool of contributors to global climate funding at COP29. Since the 1992 UN Framework Convention on Climate Change, the economic environment has evolved dramatically, according to US climate envoy John Podesta, who said that countries like Saudi Arabia and China are now to be considered competent donors to climate spending.

The assertions made by Podesta align with the push by developed nations to incorporate wealthier countries who have historically contributed to greenhouse gas emissions. "China has an obligation; they account for 30% of global emissions," he said. The New Collective Quantified Goal (NCQG), which aims to raise money for climate action, is supported by this appeal for greater engagement. Developing nations, however, worry that this shift goes against long-standing values of accountability and equity. Critics say that it is unfair to expect them to contribute while they are still struggling with poverty and poor infrastructure. The discussion draws attention to the widening gap in prosperous and developing nations' roles in climate finance.  The conclusion of the Baku negotiations might upend established accords on who is responsible for paying for climate change and reshape the dynamics of global climate finance.