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.
This story is from the November 13, 2024 edition of The Statesman.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 13, 2024 edition of The Statesman.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Reviving Bat-tala: From 19th-century woodcuts to contemporary masterpieces
This winter, Kolkata has warmed up to a vibrant revival of distinctive woodcut prints also known as Bat-tala paintings, reimagined by a host of contemporary artists.
Resuscitating Calcutta's soul: The Place 1860-by Namring delights 'cha' lovers
As the winter sets in firmly in Calcutta and the temperature drops, apart from taking out the colourful sweaters and winter wear from the 'almirah', the only thing that can keep the soul of Calcuttans warm is a cup of freshly brewed tea.
Empowering women through literature
Empowerment is a cornerstone for enabling women to realize their full potential, make informed decisions, and actively participate in all aspects of society.
Indian Army and friends in distant lands
Over the past decade we have become increasingly familiar with the term Corporate Social Responsibility or CSR, which is essentially corporations' way of connecting with the community living in the vicinities in which they set up businesses.
An excerpt from the book General's Jottings: National Security, Conflicts & Strategies by Lt Gen. (Retd) KJ SINGH
Pakistan has added two light Divisions equipped with sophisticated equipment and other dual use capabilities in the garb of CPEC.
Curzon's cuts
Think of Lord Curzon, and the first thing that flashes in your mind is the 1905 Bengal Partition. Bengal burnt, and King George V had to personally come to India in 1911 to annul the Partition and transfer the capital to Delhi.
Trinamul Congress leader found dead at a hotel in Bengal's Mandarmani
A Trinamul Congress leader was found dead at a hotel at the Mandarmani sea resort in West Bengal's East Midnapore district on Saturday morning, triggering tension in the area. The hotel authorities immediately informed the local police and a police team reached the spot, recovered the body, and sent it for a post-mortem examination.
School job case: Charge framing at special PMLA court in Kolkata likely on Monday
The process of framing of charges in the case registered by the Enforcement Directorate (ED) in the cash-for-school job case in West Bengal is expected to be completed at a special court of the Prevention of Money Laundering Act (PMLA) in Kolkata on 23 December.
BJP Organises protests Over recent attacks On Hindu places Of Worship in Bangladesh
In the past 48 hours, there have been reports Of attacks On at least three temples Of Bangladesh, resulting in the vandalism Of eight idols
Record rice procurement fixed for Birbhum district by state govt
The target for paddy procurement in Birbhum district this year has been fixed at 4,80,000 metric tonnes.
