NEW
COLLECTIVE QUANTIFIED GOALS - ENVIRONMENT
News:
What is the New
Collective Quantified Goal?
What's
in the news?
●
The recently concluded Bonn climate
conference in Germany, expected to outline the political agenda for the crucial
end-of-year Conference of Parties 28 (COP28) in Dubai, was critical for
reviewing and reforming the climate finance architecture.
Key
takeaways:
●
The conference has exposed a gaping hole
in the funding needed to pay for climate action.
●
This comes from a long-standing impasse
between developed and developing countries, over where money for climate change
policies should come from and in what form.
New
Collective Quantified Goal:
Why
NCQG?
●
A commitment of $100 billion per year till
2020 to developing nations from developed countries was a target set at the
Conference of Parties (COP) in 2009.
●
But estimates since then show addressing
climate change may cost billions, and even trillions of dollars.
Aim:
●
To strengthen
the global response to the threat of climate change in the context of
sustainable development and efforts to eradicate poverty.
●
Making
finance flows consistent with a pathway towards low
greenhouse gas emissions and climate-resilient development.
Elements
of NCQG:
Parties agreed that
deliberations on the NCQG be set up around the following elements:
●
Ad hoc work programme
●
Submissions by Parties and non-Party
stakeholders
●
High-level ministerial dialogues
●
Stock-takes and guidance by the meeting of
the Parties to the Paris Agreement (CMA).
Features:
●
The New Collective Quantified Goal (NCQG)
on climate finance is expected to be finalised
by 2024.
●
It will replace the current climate finance goal of $100 billion annually from
developed countries.
●
It is to be facilitated by two co-chairs, one from a developed country and one
from a developing country.
●
It pulls up the ceiling on commitment from
developed countries, is supposed to anchor the evolving needs and priorities of
developing countries based on scientific evidence and should respond "to
the ever-increasing sums of funding necessary for Loss and Damage in response
to failed and/or delayed financial support".