Climate Change Negotiations – UNFCCC, COP, Other Conventions and Protocols

New Collective Quantified Goal (NCQG)

Why in the News?

With focus shifting to COP30, climate finance is in the spotlight as the Fourth International Financing for Development Conference (FfD4) works to finalise the New Collective Quantified Goal (NCQG) — a more ambitious target to replace the unmet $100 billion annual pledge.

About New Collective Quantified Goal (NCQG):

  • Overview: It is a new global climate finance target under negotiation to replace the unmet $100 billion pledge made by developed countries in 2009.
  • Basis: It is being framed through the Meeting of the Parties to the Paris Agreement (CMA).
  • Minimum Starting Point: The goal will begin at a minimum of $100 billion per year, with future revisions based on real needs of developing nations.
  • Areas to be Covered: NCQG supports mitigation, adaptation, and resilience, with an explicit focus on the needs of developing countries.

How it differs from earlier Pledge?

  • From Political to Need-Based: The earlier $100 billion was a political promise, while NCQG is a data-driven, needs-based goal.
  • Backed by National Priorities: Funding estimates will use developing countries’ own assessments and climate plans.
  • Greater Transparency and Trust: NCQG seeks to rebuild trust by addressing the trust deficit from past failures and improving accountability.

True Scale of Climate Finance Needs:

  • Requirement: As per UNFCCC (2021), developing countries may need $6 trillion/year by 2030 to meet their climate goals.
  • Global Energy Transition Costs: A low-carbon global transition could need $4–6 trillion annually until 2050.
  • Renewable Energy Goals: Tripling renewables by 2030, agreed at COP28, may cost $30 trillion (IRENA).
  • India’s Stand: India has proposed an NCQG of $1 trillion/year, with a focus on grants and concessional finance, avoiding debt-heavy solutions.
[UPSC 2024] Which one of the following launched the ‘Nature Solutions Finance Hub for Asia and the Pacific’?

Options: (a) The Asian Development Bank (ADB) (b) The Asian Infrastructure Investment Bank (AIIB) (c) The New Development Bank (NDB) (d) The International Bank for Reconstruction and Development (IBRD)

 

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