Understanding the New Collective Quantified Goals (NCQG) at COP29 involves grasping a pivotal shift in international climate finance intended to replace the longstanding $100 billion per year pledge from developed nations, which was established in 2009 under the Copenhagen Accord. The NCQG aims to offer a more ambitious, robust, and comprehensive climate finance framework that aligns with the growing climate needs and commitments under the Paris Agreement.
Essential Features of the New Collective Quantified Goals
| Scale and Ambition | Ø The NCQG moves beyond the $100 billion target, acknowledging that substantially larger and more ambitious financial commitments are needed to meet global climate challenges.
Ø The scale of finance should reflect the increasing severity of climate impacts faced by vulnerable nations, particularly in areas such as climate adaptation, mitigation, and addressing loss and damage. |
| Equity and Fairness | Ø The NCQG emphasizes the principle of climate equity, ensuring that funds are allocated based on the specific needs and vulnerabilities of developing countries, especially least developed countries (LDCs) and small island developing states (SIDS).
Ø It advocates for just and fair access to funds, focusing on empowering countries disproportionately impacted by climate change to adapt and build resilience. |
| Accessibility and Predictability | Ø The NCQG framework seeks to make climate finance more predictable and transparent, ensuring countries have timely access to funds. This is crucial for enabling long-term planning and effective implementation of climate projects.
Ø Predictable flows of finance can help developing countries establish clear pathways for achieving their climate goals, such as transitioning to renewable energy or building resilient infrastructure. |
| Diverse Financial Sources | Ø The NCQG includes commitments from both public and private sectors, encouraging blended finance approaches that leverage public resources to mobilize greater private investments in climate action.
Ø This comprehensive approach ensures that all potential sources of finance are explored, enhancing the total financial flows towards combating climate change. |
| Support for Loss and Damage | Ø Building on recent developments, such as the establishment of a Loss and Damage Fund at COP27, the NCQG is expected to integrate clear commitments for providing financial support to countries facing irreparable losses due to climate change-related disasters. |
| Inclusion of Various Stakeholders | Ø The NCQG formulation involves a participatory approach, engaging governments, civil society organizations, financial institutions, and the private sector to ensure diverse perspectives inform the final goals. |
The Role of NCQG in Shaping COP29 Outcomes: The NCQG discussions at COP29 are a milestone in international climate negotiations, reflecting the urgency and seriousness with which the global community must mobilize financial resources. For developing countries, the NCQG represents hope for a just transition and greater resilience against climate shocks. It is seen as an opportunity to correct historic inequalities in climate finance, promoting justice and fairness in addressing climate impacts.
By enhancing the scale, transparency, and effectiveness of climate finance, the NCQG can better support vulnerable nations in achieving their climate and development goals, in line with broader efforts to meet the Paris Agreement targets and limit global warming.
For Pakistan, which has been severely affected by climate change impacts, such as extreme flooding in 2022, NCQG is crucial to boost climate adaptation and resilience. Pakistan’s delegation, as highlighted in events like those at the Pakistan Pavilion
The discussions around NCQG at COP29 focus heavily on achieving climate justice for developing nations, with calls for fairer finance mechanisms, increased grant-based funding, and improved access for countries most affected by climate impacts. This goal-setting process is a significant step towards achieving greater climate equity and meeting the demands of global climate action.