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Context:

The New Collective Quantified Goal (NCQG) will be a key determinant of COP29 (also touted as a ‘finance COP’) turning out to be successful. COP29 is being held in Baku, Azerbaijan, from November 11 to 22, 2024.

Details:

The foundation of climate finance actions is unequivocally centred on addressing the “needs and priorities of developing countries”, as mandated in Article 9 of the Paris Agreement. NCQG, set to be finalized at COP29, will shape the future of climate finance.

What are the New Collective Quantified Goals?

The New Collective Quantified Goal (NCQG) on climate finance is a key element of the 2015 Paris Agreement, aimed at setting a new financial target to support developing countries in their climate actions post-2025.  This goal builds on the previous commitment made at the Copenhagen Climate Summit in 2009, where developed countries pledged to mobilise $100 billion per year by 2020 to address the needs of developing countries.

Key Details about the findings

NCQG at COP29	Focus on aligning climate finance with global needs at COP29 in Baku, Azerbaijan.
High-Level Ministerial Dialogue	Aiming to guide the setup of the NCQG and promote political engagement.
Purpose of NCQG	Channel funds to support developing countries’ climate needs, and prioritize low-carbon, climate-resilient solutions.
Key Negotiations	Aim to determine funds needed to implement NDCs, which are estimated to cost US$5.8-5.9 trillion by 2030.
Diverse Opinions on Finance	Range from US$100 billion to US$1 trillion annually; calls for equity, inclusivity, and balanced adaptation/mitigation funding.
Access to Finance	Crucial for countries to access finance via strong proposals; Commonwealth Climate Finance Access Hub (CCFAH) supports proposal development.
Commonwealth Climate Finance Access Hub (CCFAH) Overview	Mobilized US$366.1 million for 88 projects across 17 countries, providing technical support and capacity-building.
CCFAH Role	Helps countries access international climate funds, deploys advisers, and enhances financial mechanisms and proposals.
Influence for Greater Climate Good	Advocates for Commonwealth countries' interests at COP29, highlighting SIDS challenges, and raising awareness at  Commonwealth Heads of Government Meeting in Samoa.
Key Events	SIDS4 conference in Antigua and Barbuda, ‘Climate Breakfast’ at CHOGM in Samoa to foster climate action dialogue.

About COP 29

The 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29), to take place in Baku, Azerbaijan, is a pivotal opportunity to accelerate action to tackle the climate crisis. A key focus of COP29 will be on finance, as trillions of dollars are required for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change.

Conclusion

As COP29 approaches and the NCQG is set to be finalised, the negotiations will decide if climate finance truly addresses the urgent needs of developing countries burdened by the climate crisis they did not cause.

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Baku

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CLIMATE FINANCE

Taxonomy for climate finance

Source:

THE HINDU 

PRACTICE QUESTION Q.In the context of the global climate change framework, critically examine the significance of the Climate Finance Goal (NCQG) established under the Paris Agreement. Discuss the challenges in meeting the financial requirements for developing countries. (250 words)