Daily Current Affairs for UPSC : 30 Oct 2025/The New Collective Quantified Goal (NCQG)?

To adapt to climate change, developing countries will require anywhere from $310-365 billion (at least Rs 27 lakh crore) annually by 2035, according to a United Nations analysis. This is nearly 12 times more than the money that currently flows from the developed to the developing world for this purpose.

The analysis, underlining the huge gap between the demand and supply of funds needed to protect developing nations from climate change impacts, appears in Running on Empty, an annual report on the shortfall released recently , ahead of the 30th edition of the UN Framework Convention on Climate Change Conference of Parties (COP-30) to be held in Belem, Brazil next month.

International Adaptation Finance to Developing Countries Decreases

International public adaptation finance to developing countries reached $26 billion (around Rs 2.2 lakh crore) this year, declining from $28 billion last year, indicating further problems for the goal agreed at COP-26 (Glasgow) to double adaptation finance to $40 billion by 2025, a report mentions.

Underwhelming Target:

• Finance will always be a big issue in climate negotiations. Developing nations advocate that developed nations pay for the adaptation (responding to climate change impacts), mitigation (moving off fossil fuels), and losses/damage incurred. Altogether, they call these “climate finance.”
• Last year at COP-29 in Baku, Azerbaijan, developing nations asked for nearly $1.3 trillion per year by 2035, but the developed world only agreed to $300 billion, calling this the New Collective Quantified Goal (NCQG) on climate finance.
  A recent report issued by the UN expresses concern when observing that:
• “…it is all too clear that the availability of financial resources to support adaptation action in developing countries at the requisite scale to address the challenges of current and future climate risks is inadequate. Scaling up climate finance to the amounts envisaged in the Baku to Belém Roadmap to address the reported USD 1.3 trillion, will take nothing less than a collective global response.”
• Moreover, the report expresses concern regarding the types of funds available. For example, while 70% of international public adaptation finance was quoted as being concessional in 2022–23, debt instruments were reported as the majority of flows, comprising 58%. The report characterizes reliance on debt as “worrisome”.