Minister of Green Economy and Environment, Mike Mposha, says Cop29 failed to live up to its theme of finance Cop, when it only managed to deliver a paltry $300 Billion against the actual needs of $1.3 Trillion desperately needed by developing countries to finance their climate actions.
He says the third report of the independent high- level expert group on climate finance, which was launched at Cop29 on the 14th of November 2024, estimated the financial requirements for developing country parties to be $1.3 Trillion per year to cover mitigation, adaptation, loss and damage.
Mr. Mposha states that cop29 was dubbed the “Finance Cop” because one of the key agenda items was establishing the new collective quantified goal (NCQG).
Speaking at a Press Briefing in Lusaka today, Mr. Mposha said the new financing goal was intended to replace the annual $100 Billion target established in 2009, which was barely met in 2022, two years behind schedule.
Mr. Mposha further added that the walk outs and protestations by developing country parties, including the African Group of Negotiations, Least Developed countries, Small Island Developing states, the Group 7 and China during the closing days of the Cop29 were understandable and justified.
By Melissa Zaza