Another empty promise called out

THE latest negotiating draft text on the New Collective Quantified Goal (NCQG) for climate finance has once again failed to specify a concrete funding target, leaving a placeholder "USD [X] trillion," in place of an actual figure.

- S V KRISHNA CHAITANYA

This has frustrated developing nations, Which had hoped for a firm commitment to address their escalating needs for climate adaptation, mitigation, and loss and damage. The NCQG, set to replace the $100 billion per year commitment under the Paris Agreement, is critical to scaling up financial support from developed to developing countries post-2025. Developing countries, which are disproportionately impacted by climate change, have repeatedly spoken on the need for bridging the growing finance gap. Their demands for trillions of dollars in annual support have been met with reluctance from developed nations.