$300bn climate finance deal for developing countries unrealistic, says Nkiruka Maduekwe

Nkiruka Maduekwe, director-general of the National Council on Climate Change (NCCC), has expressed dissatisfaction over the climate finance deal for developing countries.

On Sunday, world leaders at the UN conference of parties (COP29) agreed on a new collective quantified goal (NCQG) of $300 billion a year.

Developing countries have been vocal about their demand for a $1.3 trillion funding to support their adaptation goals.

But the high-level climate event, which went into overtime, failed to deliver ambitious financial goals.

Speaking on the new finance deal, Maduekwe described it as a “joke”, adding that wealthy nations must reconsider their decision.

The DG stated that $300 billion deal is “unrealistic” to adequately support the climate action plans of developing countries.

“That developed countries are saying they would take the lead with $300 billion dollars by 2035 is a joke and not something we should take lightly,” she said.

“I do not think it’s something that we should clap our hands and force us to take it. I think we should rethink it. It is not just by putting it in statements but we have a right as countries to choose if we are going to take this or not. And I’m saying that we do not accept this.

“You expect us to have ambitious NDCs, the NCQG is supposed to enable us to have realistic finance goals but $300 billion is unrealistic. Let us tell ourselves the truth.”

The new finance goal at COP29 builds on the efforts made at COP27, where nations agreed on the historic loss and damage fund; and COP28 which delivered a global agreement to transition from fossil fuels to boost climate resilience.