New Collective Quantified Target (NCQG) on Climate Finance – Careers Ready


United Nations Framework Convention on Climate Change (United Nations Framework Convention on Climate Change- UNFCCC) member countries have agreed on climate finance. new mass quantified targets (NCQG) have been determined.

related facts

  • Discussing climate finance: Organization of the 29th Conference of Member States of UNFCCC (COP 29) Azerbaijan in November 2024 Where preliminary discussions are likely to take place on key issues such as climate finance.
  • Ninth Technical Expert Dialogue (TED 9): The first meeting under TED 9 and its related programs will be held in Cartagena, Colombia from April 23 to 26, 2024.

The need for climate finance

  • Financial support for climate action: Developing countries, small island nations and the world's least developed countries suffer the most from climate change, which is a result of the unjust and unsustainable exploitation of nature by developed countries.
    • Extreme weather events are increasing continuously in the world, which reduce or adapt to the impact Those countries are forced to.
  • Disproportionate impact on developing countries: The economic impacts of climate disasters seriously impact poor countries, so financial goals It becomes important to establish means through which their needs can be met, thereby promote climate justice will get.
  • Promoting climate justice: Moving toward goals that best meet the needs of these countries is important to promote climate justice.

New Collective Quantified Goal (NCQG) on Climate Finance

  • Introduction: The NCQG will also be referred to as a climate finance target from 2025 onwards. It will take into account the needs and priorities of developing countries and will at least 100 billion dollars per year Will provide financial assistance of Rs.
  • background: In 2009, developed countries outstripped developing countries by approximately Additional financial resources of $30 billion Has given his consent to provide.
    • They jointly spent every year till the year 2020. 100 billion dollars Talked about providing.
  • Expanding $100 billion climate finance target: This target of collective financial assistance of $100 billion by developed countries has been extended to the year 2025.
    • It was also decided to set new climate finance targets before 2025, amounting to at least $100 billion per year, which would primarily address the needs and priorities of developing countries.
    • After 2025 ‘NCQG’ Will take the form of a climate finance target or a new financial target.

Importance of NCQG

  • Discrepancy between current climate finance and the needs of developing countries: The $100 billion in aid is inadequate compared to the climate finance needs of developing countries, according to many estimates. 1 to 2.4 trillion dollars per year by 2030 can happen till
    • This estimate is based on emerging markets and developing economies, which may result in an increase in the total amount of funds needed by poor countries.
  • Incomplete targets and financial collections: The $100 billion target has not been met in any year since its announcement.
    • Latest statistics show that developed countries year 2021 In the form of financial assistance to developing countries 89.6 billion dollars Had collected.

Discussion and expansion of NCQG's methodology

nine in the last two years Technical Expert Dialogue (Technical Expert Dialogues- TED) have been held, in which several options for elements related to the new goals have been discussed. The following things have been discussed-

  • time limit: of developing countries Nationally Determined Contribution Also for new global goals in line with (Nationally Determined Contributions- NDCs) Short-term time period (years 2025-29) should be determined.
  • structure: It is necessary to determine that 'Should a fixed amount be fixed as a financial target?'
    • it was discussed that Additional 'fund collection' option Should be given, financial assistance should also be determined with reference to the gross domestic product (GDP) or gross national income of the country.
    • In addition to annual targets, sub-targets should be determined in thematic areas such as mitigation, adaptation.
    • inspirational goals An option was also introduced, which aims to provide all financial assistance to low-emission development projects.
  • Quantum: Quantitative aspects related to the target were also discussed.
    • In these, based on the estimated financial need of the developing country bottom up approach (Bottom-up Approach) involves determining the range of contributors (developed countries, private institutions, other stakeholders).
    • Also, the options available for use of sources and equipment were also discussed.
  • Qualitative elements: There was clear discussion as to whether the type of finance (concessional, grant based, public or private) should be included as guiding principles.
  • Transparency: In addition to existing frameworks such as the Paris Agreement, several new monitoring methods have been considered to monitor progress towards the goals.

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