During the Coordination Meeting on the Development of Ocean-Climate Issues Post COP 29 UNFCCC 2024 monitored on Tuesday, Siry explained that the nations had reached a consensus on the New Collective Quantified Goal on Climate Finance (NCQG).
This new financial goal is to help countries protect their communities and economies from the threat of climate disasters and share the benefits of abundant clean energy.
"The NCQG countries also agreed on several issues, with the first being a three-fold increase in financing for developing countries from the previous target of USD100 billion per year to USD300 billion per year until 2035," he remarked.
Furthermore, NCQG agreed to finance cooperation for developing countries sourced from public and private funds, with a target of reaching USD1.3 trillion per year by 2035.
Siry remarked that Indonesia has a huge responsibility and strategic opportunity to become a global leader in ocean-based climate action.
He explained that Indonesia contributes to achieving this goal by strengthening blue carbon ecosystems, such as mangroves and seagrass beds.
Earlier, the Ministry of National Development Planning/National Development Planning Agency (PPN/Bappenas) said that the agreement at COP 29 regarding climate finance is a promising momentum for developing countries at high risk of climate change.
"The climate funding target has been agreed to be increased to USD1.3 trillion for developing countries with a contribution from developed countries of USD300 billion per year by 2035," Deputy Minister of National Development Planning/Deputy Head of Bappenas Febrian Alphyanto Ruddyard remarked.
In 2022, developed countries mobilized USD115.9 billion in climate financing for developing countries, exceeding the target of USD100 billion.
Considering the estimated climate change funding needed to reach USD5.1 trillion to USD6.8 trillion by 2030, COP29 agreed to change the funding target to USD1.3 trillion to achieve the actual cost estimate.
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Translator: Farhan Arda N, Resinta Sulistiyandari
Editor: Rahmad Nasution
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