Table of Contents
Introduction
The article discusses the New Collective Quantified Goal (NCQG), a key topic for COP29, the global climate conference in Azerbaijan in November 2024. It explains that this goal aims to set clear financial commitments from wealthy, developed countries to help developing nations tackle climate change.
However, there are disagreements between developed and developing countries about how this funding should be provided and who should contribute. Developing countries want predictable, grant-based support without adding to their debt, while developed countries prefer a broader range of contributors and flexible funding options. The article highlights these ongoing debates and the urgency for fair, effective climate finance solutions to address global climate challenges.
Article Explanation
The New Collective Quantified Goal (NCQG) is a big focus for the COP29 climate meeting happening in Baku, Azerbaijan, from November 11 to 22, 2024. The NCQG will set specific goals for how much financial support should be given to developing countries to help them deal with climate change. Many developing countries, which are less responsible for causing climate change but suffer its worst impacts, need help to adapt to extreme weather, floods, droughts, and other problems made worse by climate change. They also need support to reduce their own emissions in a fair way.
Developing countries want wealthier, developed countries—those that have contributed the most to global pollution in the past—to take responsibility and provide most of this financial support. They want this help to come mainly as grants (free financial aid that does not need to be repaid) rather than loans, which would increase their debt. Developing countries want clear and specific financial targets with predictable, steady funding every five or ten years, so they can plan and make effective use of these resources.
On the other hand, developed countries have a different approach. They want to expand the group of contributors so that more countries, including wealthier developing nations like China and oil-producing countries, help fund climate change efforts. They are also looking at using private investments and loans instead of relying only on government grants. Developed countries are focused on funding projects that show measurable benefits, like lowering greenhouse gas emissions and building resilience against climate impacts.
A major point of distrust is that in 2009, developed countries promised $100 billion per year to help developing nations with climate change, but they failed to meet this target until 2022. Even now, this $100 billion goal is only a small fraction of the trillions needed to actually address climate challenges worldwide. Furthermore, much of the funding so far has been in the form of loans rather than grants, which developing countries see as unfair since loans add to their financial burden rather than easing it.
Another debate is whether wealthier countries like China and certain oil-rich countries should also be expected to contribute to the NCQG. Developed countries argue that as these countries are now wealthier and have higher emissions, they should also help with funding. However, developing countries worry that this could shift responsibility away from the wealthier, historically more polluting nations. This issue could make it harder to reach an agreement on funding at COP29.
Finally, there’s also some disagreement over how climate finance is defined. The latest definition focuses on actions that help countries meet their climate goals, but it doesn’t specify whether this funding should be new or additional. This lack of clarity makes developing countries worry that financial promises might not be as strong or as fresh as they need.
As COP29 approaches, developing countries are hoping the NCQG will lead to meaningful support rather than just promises on paper. They want the final agreement to reflect the urgent needs of countries that are most affected by climate change and to ensure fair support from the countries that have caused the most emissions.
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