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New Collective Quantified Goal (NCQG) on Climate Finance:

Home   »  New Collective Quantified Goal (NCQG) on Climate Finance:

November 25, 2024

New Collective Quantified Goal (NCQG) on Climate Finance:

The New Collective Quantified Goal (NCQG) on Climate Finance is an evolving framework under the United Nations Framework Convention on Climate Change (UNFCCC). It is designed to establish a higher, more ambitious financial target to support developing countries in addressing climate change. This framework is set to replace the current target of mobilizing $100 billion per year, a goal that was set in 2009 during the Copenhagen Accord and was intended to be achieved by 2020.

Key Objectives of NCQG:

  1. Enhanced Financial Support:
    • Aim to mobilize higher financial resources to meet the increasing climate-related needs of developing countries.
    • Cover mitigation, adaptation, loss and damage, and capacity building.
  2. Inclusivity and Equity:
    • Ensure that the financial flows address the priorities and needs of developing nations.
    • Focus on climate justice, recognizing historical responsibilities.
  3. Predictability and Accessibility:
    • Provide clear, predictable financial commitments to allow developing countries to plan and implement climate actions effectively.
    • Simplify access to funds for vulnerable nations.
  4. Focus on Loss and Damage:
    • Include provisions to address loss and damage caused by climate change, a key demand from developing nations.

Timeline

  • Paris Agreement, 2015: Called for the setting of a new goal to go beyond $100 billion annually by 2025.
  • Glasgow Climate Pact, COP26 (2021): Initiated discussions on NCQG and mandated a formal process to finalize the framework.
  • Ongoing Negotiations: Negotiations are continuing under the UNFCCC’s Ad Hoc Work Programme to determine the amount, sources, and mechanisms of the new goal.
  • Expected Implementation: From 2025 onwards, as the successor to the $100 billion goal.

Proposed Features of the NCQG:

  1. Higher Financial Target:
    • Recognizes that the $100 billion goal is insufficient to meet the climate needs of developing nations, which could run into trillions of dollars annually.
  2. Diverse Sources of Finance:
    • Mobilize funds from public and private sources.
    • Encourage contributions from multilateral development banks, philanthropic organizations, and innovative financing mechanisms.
  3. Balanced Allocation:
    • Ensure balanced funding between mitigation and adaptation, addressing the criticism that mitigation projects currently receive a disproportionate share.
  4. Transparency and Accountability:
    • Establish mechanisms to track contributions and disbursements more effectively.
    • Ensure donor countries meet their commitments.
  5. Support for Vulnerable Nations:
    • Prioritize funding for least-developed countries (LDCs), small island developing states (SIDS), and African nations.

Challenges:

  1. Defining the Quantum:
    • Determining the exact amount needed for the NCQG remains contentious, with developing countries pushing for trillions of dollars annually.
  2. Trust Deficit:
    • Developed countries have struggled to meet the existing $100 billion target, leading to skepticism about their ability to fulfill higher commitments.
  3. Private Sector Involvement:
    • Engaging the private sector while ensuring equity and climate justice can be complex.
  4. Implementation and Accessibility:
    • Ensuring funds are easily accessible to those who need them most, especially the most vulnerable nations, remains a challenge.

Way Forward:

  1. Ambitious Commitment:
    • Developed countries must commit to a significant increase in funding, reflecting the growing urgency of climate action.
  2. Innovative Financing:
    • Explore new mechanisms, such as carbon pricing, green bonds, and climate taxes, to mobilize additional resources.
  3. Strengthening Institutions:
    • Enhance the capacity of international financial institutions like the Green Climate Fund (GCF) to handle larger financial flows.
  4. Capacity Building:
    • Provide technical and institutional support to developing countries to effectively utilize funds.

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