Context:
Amidst growing concerns over climate change, the New Collective Quantified Goal on Climate Finance (NCQG) has surfaced as a significant initiative. It aims to mobilize resources for developing countries to address climate challenges effectively. This initiative holds particular importance as discussions surrounding it are expected to feature prominently at the upcoming 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC). Scheduled to convene later this year in Baku, Azerbaijan, COP29 will likely see robust deliberations on climate finance and its role in combating the pressing threat of climate change.
Relevance:
Facts for Prelims
Introducing the New Collective Quantified Goal on Climate Finance (NCQG):
- Purpose: The NCQG serves as a novel annual financial target that developed nations must achieve starting from 2025 onwards, aimed at providing climate finance to developing countries.
- Replaces Previous Commitment: It replaces the earlier commitment made in 2009, where developed nations pledged USD 100 billion per year for climate finance but failed to meet this target.
Importance of NCQG:
- Addressing Disproportionate Impact: Developing countries often bear a disproportionate burden of climate change impacts despite contributing less to greenhouse gas emissions.
- Financial Support for Climate Action: The NCQG offers essential financial resources for developing nations to invest in clean energy, adaptation measures, and climate-resilient infrastructure.
- Catalyzing Climate Action: Climate change mitigation and adaptation necessitate substantial investments, and the NCQG can unlock funds necessary for implementing ambitious climate action plans aligned with the Paris Agreement’s objectives.
- Promoting a Just Transition: The NCQG can facilitate a just transition towards a low-carbon and climate-resilient economy, fostering new job opportunities while safeguarding vulnerable communities.
- Enhancing International Cooperation: Achieving the NCQG requires collaboration between developed and developing nations, thereby fostering international cooperation and strengthening the global response to climate change.
-Source: Down To Earth
