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COP 29 must reach agreement on finance

November 14, 2024 4:31 pm

Government representatives attending COP 29 in Baku, Azerbaijan, cannot afford to leave the climate summit without having a clear agreement on the National Collective Quantified Goal (NCQG), says Deputy Prime Minister Professor Biman Prasad.

“That debate has always been there, the polluter pay principle has been an historical issue and this COP, particularly the negotiations under the new collective quantified goal, getting out of Baku, getting out of COP29 without having a very clear agreement on the new collective quantified finance goal is not going to be acceptable if there is no agreement,” he said, speaking to FBC News in Azerbaijan.

UN Climate Change executive secretary Simon Stiell said there was an intrinsic link between emissions and inflation.

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“Unless all countries can slash emissions deeply, every country and every household will be hammered even harder than they currently are,” he said.

“We’ll be living in a permanent inflationary nightmare.

“And this is not some far off risk, the climate crisis is a cost of living crisis right now in every economy across the planet.

“So on the NCQG, I say to all nations, let’s get a good result.

“Billions of people cannot afford their governments to leave COP29 without having a strong outcome on finance.”