UN climate conference to deliberate on new collective climate finance goal

Climate finance is going to be the most crucial and contentious issue in the ongoing meeting of the UN Climate Conference, commonly known as COP-29, currently taking place in Azerbaijan capital Baku.

- SNEHASIS SUR

The COP-21 in Paris, which took place in 2015, had for the first time, earmarked $100 billion per year as climate fund till 2025.

The Paris Agreement was designed to enhance global climate action over time, addressing both the need to reduce emissions and adapt to climate impacts, while mobilizing finance and support for developing nations.

However, the current discussion on climate finance is based on a new framework known as the New Collective Quantified Goal (NCQG) on climate finance, which is a draft being developed by the United Nations Framework Convention on Climate Change (UNFCCC) to replace the current $100 billion per year climate finance target for developing countries recommended in the Paris Agreement.

This goal, expected to be finalised in COP 29, will set a new, higher target that addresses the financial needs for climate action, including mitigation, adaptation, and potentially loss and damage.

The NCQG seeks to enable developed countries to support climate-vulnerable developing nations in reducing greenhouse gas emissions and adapting to climate impacts.

Notably, it emphasises aligning finance flows with the Paris Agreement's temperature goals and sustainable development pathways.