NEW COLLECTIVE QUANTIFIED GOALS

Environment & Ecology


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 25-Nov-2024

Why in the News? 

At COP29 in Baku, developed and developing nations remain divided over key climate issues. Drafts for the New Collective Quantified Goal (NCQG) on Climate Finance and the Mitigation Work Programme (MWP) have sparked disagreements. Developing nations criticized the NCQG for unclear financial commitments, while developed countries deemed the MWP insufficient to meet the 1.5°C target. UN Secretary-General António Guterres urged delegates to bridge differences, emphasizing the need for an ambitious climate finance agreement. 

About The New Collective Quantified Goal (NCQG)  

  • It represents a financial target aimed at mobilizing funds annually to support climate action projects in developing nations. 
  • In 2009, during COP15 in Copenhagen, developed countries committed to providing $100 billion annually by 2020 to aid climate efforts.  
  • While the Organisation for Economic Cooperation and Development (OECD) claimed this target was reached in 2022, many have contested this assertion. 
  • At COP21 in Paris in 2015, where the Paris Agreement was adopted, nations agreed to establish a new, higher financial target by 2024, referred to as the NCQG. 
  •  This updated goal is expected to replace the $100 billion target and is anticipated to be finalized at the ongoing COP29 in Azerbaijan. 

How is NCQG different than the ‘$ 100 b’ target?  

  • Other than the quantum of finance itself, the NCQG would be different from the previous $100-billion target in the way it is arrived at. 
  • The earlier $-100 billion target was not decided after assessing the needs of companies, but was a political commitment, mainly to house the recognition that developed countries have a responsibility to provide financial support to developing countries.  
    • However, it has already been agreed that the NCQG target will be arrived at after taking into account the needs of developing countries.

About Paris Agreemnet 

  • It is a legally binding international treaty on climate change 
  • Adopted by 196 Parties at COP21 (Paris, 12th December, 2015). 
  • Entered into force: On November 4th November, 2016. 
  • Aim: To limit global temperature rise to well below 2°C above pre-industrial levels and pursue efforts to limit it to 1.5°C. 
  • Nationally Determined Contributions (NDCs): 
    • Countries submit plans (NDCs) to reduce greenhouse gas emissions and adapt to climate change. 
    • NDCs should become more ambitious over time, with a review of 2030 targets due by 2023 to align with the 1.5°C goal. 
  • Long-Term Low Emission Strategies (LT-LEDS): Countries are encouraged to submit LT-LEDS, providing long-term vision and aligning NDCs with national development priorities. 
  • Financial Support: 
    • Developed countries are expected to lead in providing financial assistance for climate mitigation and adaptation, with a target of $100 billion annually (by 2020). 
    • Financial resources are necessary to reduce emissions and cope with climate impacts, especially for developing countries. 
  • Technology Transfer: The Paris Agreement promotes technology development and transfer to reduce emissions and build climate resilience. 
  • Capacity-Building for Developing Countries: Focus on supporting capacity-building to help developing countries address climate change challenges. 
  • Enhanced Transparency Framework (ETF): 
    • Countries will report on climate actions starting in 2024.Reports will be reviewed, feeding into the Global Stocktake to assess progress and make recommendations for more ambitious actions.