G24 Calls for Urgent Climate Finance Boost for Developing Nations

The G24 group of nations has urged rich countries to boost financial assistance for developing and emerging market economies in order to tackle climate and development issues. They highlighted that inadequate financial support is causing the global community to fall short of climate and development goals, according to a report by the Economic Times.

“The global community is falling short of attaining climate and development goals and in providing commensurate financial support to developing countries towards achieving them,” Group 24 nations said.

This week in Washington, the G24, consisting of diverse emerging market and developing economies like Argentina, Ghana, Nigeria and the Philippines, convened during the annual meetings of the International Monetary Fund and the World Bank.

The G24 emphasised the necessity of "significantly scaling up finance" for climate change. It was stated that over $100 billion annually, which is the target for COP29, is necessary to succeed the expiring current pledge.

This fund is funded by wealthy, developed nations that have historically made the greatest contributions to global warming, such as the United States, countries in the European Union and Japan.

The G24 further stated that its members “look forward to faster progress on the operationalisation and capitalisation of the Loss and Damage Fund,” referring to a fund created to provide compensation to developing nations for the harm of climate change primarily caused by wealthier countries.

The wording of the climate finance goal, which is set to be finalised at COP29 in Baku, Azerbaijan, in November, has become evident in recent weeks after a draft agreement was published.

However, the ultimate number, referred to as the new collective quantified goal (NCQG), has not been revealed yet and is still undecided before the upcoming summit next month.

"Without improvements and bold actions, decades of individual and global efforts to eradicate poverty and inequality, combat climate change and invest in projects will be put to a halt, if not reversed," Ralph Recto said to journalists at the International Monetary Fund in Washington on Tuesday.