Wealthy nations attending the COP29 summit in Baku, Azerbaijan are under increasing pressure to pledge at least $1 trillion in climate financing to assist poorer countries in addressing the effects of global warming.

The summit presidency has released a draft text on the new collective quantified goal (NCQG) for climate finance, which aims to replace the previous $100 billion annual commitment established under the 2015 Paris Agreement. However, the draft decision does not specify a concrete funding target, leaving a placeholder for the amount.

This NCQG is crucial for increasing financial support from developed to developing nations after 2025, as poorer countries, who are disproportionately impacted by climate change, stress the urgent need to bridge the growing finance gap. Despite the demands for significant annual support, developed nations have shown hesitancy in meeting these financial requirements.