Philippines, Malaysia stand ground against accepting bilateral loan offers from rich countries; insist on climate financing

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Eco-Business 5d ago

Philippines, Malaysia stand ground against accepting bilateral loan offers from rich countries; insist on climate financing - Eco-Business

Quick Summary:

As COP29 enters the final stretch, some developing countries are being approached by rich countries to agree on technical assistance and aid instead of promised climate finance, according to civil society organisations.

Known as the new collective quantified goal (NCQG), it is meant to replace a US$100 billion annual funding target by 2020 that poor countries were promised by wealthy nations 15 years ago.

This climate finance will go towards the managed phase out of fossil fuels, like the energy transition mechanism (ETM) which is a fund that will buy coal power plants in order to shut them down early, replacing them with renewable energy alternatives, he said.