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New Collective Quantified Goal (NCQG) on Climate Finance

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.

Fact Box:

2015 Paris Climate Finance Agreement

  • Developed countries committed to pooling resources to raise USD 100 billion yearly by 2020 for climate action in developing countries at the UNFCCC's 15th Conference of Parties (COP15) in Copenhagen in 2009, provided that substantial mitigation measures are taken and that implementation is transparent.
  • The goal was formalized at COP16 in Cancun; in COP21 in Paris, it was reiterated and given an extension until 2025.
  • India recently in its latest submission to the UN climate body called for developed countries to provide at least USD 1 trillion per year in climate finance to developing countries from 2025 for actions pertaining to Sustainable Development Goals (SDGs).

New Climate Finance Collective Quantified Goal (NCQG)

  • The post-2025 climate finance objective, or New Collective Quantified objective on Climate Finance (NCQG), will be negotiated with a $100 billion annual baseline while taking developing nations' needs and priorities into account.
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