Published: 3rd May, 2024
Context
Setting a new goal for the provision of climate finance to developing countries is poised to be the central topic for 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) in Azerbaijan, across this year. The Platform provides a crucial platform for countries to address climate finance and establish the New Collective Quantified Goal (NCQG) to guide financial targets.
1: Dimension-Significance of Climate Finance
- Climate finance is essential for promoting climate action, supporting efforts at adaptation and reduction, and supporting developing countries, small island states, and the world's least developed nations in particular.
- Climate financing is a lifeline for disadvantaged countries facing the negative effects of climate change. The economic effects of climatic disasters disproportionately affect poorer countries, demanding targeted financial support to promote climate justice.
- The NCQG's creation is extremely important for guaranteeing fair access to funding for climate adaptation and mitigation.
- Countries can intensify their efforts to mitigate climate change and protect the most vulnerable populations by establishing explicit budgetary targets.
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Fact Box: 2015 Paris Climate Finance Agreement
New Climate Finance Collective Quantified Goal (NCQG)
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