China has called for developed countries to increase climate funding commitments to developed countries during the upcoming COP29.
The 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change is set to take place in Baku, Azerbaijan from Nov. 11 to Nov. 22.
A key item on agenda will be setting new targets for climate finance, known as the New Collective Quantified Goal (NCQG). In 2009, developed countries committed 100 billion U.S. dollars a year by 2020 to fund climate change mitigation efforts in developing countries.
At a press conference in Beijing on Wednesday, Xia Yingxian, director of the Department of Climate Change at China's Ministry of Ecology said a much higher sum should be agreed at COP29.
"Developed countries, in particular, should assume the obligation to support developing countries. In this regard, especially in light of this meeting, developed countries should draft a commitment of a figure much higher than 100 billion U.S. dollars. We believe this is a golden key for reaching a suitable outcome at COP29," said Xia.