New Collective Quantified Goal
Environmental risk management - Conference of the Parties - climate finance - developing countries.
(NCQG).
Author: Charitarth Sindhu', Environmental Sustainability & ESG Consultant.
In the context of international work on climate finance, the New Collective Quantified Goal aims to incorporate accountability and developing country needs into climate finance, and establish a minimum annual total spend on climate finance.
(Source - United Nations Conference on Trade and Development.)
The effective implementation of projects and policies aimed at mitigating climate change in developing nations relies heavily on international financial support.
In 2009, at COP 15, developed nations committed to mobilize $100 billion annually by 2020 to address the climate change mitigation needs of developing nations.
Unfortunately, this commitment remained unfulfilled, being more of a political aspiration than a binding commitment.
Nevertheless, the Paris Agreement (COP21, 2015) formalized this commitment through the New Collective Quantified Goal (NCQG), with the target of reaching $100 billion per year by 2025.
To ensure timely implementation, an Ad hoc Work Programme (AHWP) on the NCQG for 2022-24 was established, enabling regular consultations with stakeholders, developing reporting structures, and ensuring transparency.
According to a 2023 research project by UNCTAD titled ‘G77-UNCTAD Workshop: Development Priorities for a Climate-Resilient Financial System at COP28,' the NCQG will also include sub-goals for mitigation, adaptation, and loss and damage.
Financial assistance to developing nations will be in the form of grants.
UNCTAD proposes a $500 billion minimum for 2025, suggesting annual commitments of approximately $250 billion for mitigation, $100 billion for adaptation, and $150 billion for loss and damage.
These commitments are expected to rise to $1 trillion for mitigation, $250 billion for adaptation, and $300 billion for loss and damage by 2030.
See also
- Climate change
- Climate change adaptation
- Climate change mitigation
- Climate finance
- Climate risk
- Conference of the Parties
- Conference of the Parties - historical milestones
- Developing country
- Fund
- G77
- Loss and damage (L&D)
- Paris Agreement
- Risk management
- Transition
- Transparency
- United Nations Conference on Trade and Development (UNCTAD)
- United Nations Framework Convention on Climate Change (UNFCCC)
