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🗞️ Driving the news: Azerbaijan’s COP29 presidency has announced plans to release a draft agreement outlining a new financial architecture for global climate action
• The framework will include the "new collective quantified goal" (NCQG) for climate finance, addressing the contentious issues of funding amounts, donor bases, and financing structures
• The release reflects urgent efforts to finalize a deal before the summit’s scheduled close on Friday

🔭 The context: Developing nations have proposed $1.3 trillion annually in climate finance, while debates continue over how much should come from developed countries versus private sector contributions
• The European Union advocates for an expanded donor base, citing the economic growth of nations like China
• A finalized financial framework is critical for countries to propose ambitious emission reduction plans ahead of COP30 in Brazil

🌍 Why it matters for the planet: Effective climate finance is essential for supporting vulnerable nations in addressing climate impacts and transitioning to low-carbon economies
• A strong agreement could bolster trust and cooperation in global climate negotiations, ensuring equitable contributions to mitigation and adaptation
• Without a robust plan, climate action risks delay, leaving vulnerable communities disproportionately affected

⏭️ What's next: COP29 negotiators will work around the clock to finalize a concise agreement that balances competing interests
• A draft will be released by midnight, with further documents expected by morning, potentially extending negotiations past the scheduled end
• Success at COP29 hinges on consensus, which will influence outcomes at next year’s climate summit

💬 One quote: “Parties must work now through some of the most complex issues that we still have to address – confronting different options and finding common ground will be difficult by definition” – Yalchin Rafiyev, Azerbaijan’s lead COP29 negotiator

📈 One stat: Developing nations demand $1.3 trillion annually in climate finance, while prior drafts of the agreement ballooned from 9 to 35 pages as negotiators debated funding frameworks

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