COP27: Developing & developed blocks lock horns over new climate finance roadmap

Subject: Environment

About New Collective Quantified Goal (NCQG)-

The New Collective Quantified Goal (NCQG) on climate finance is expected to be finalised by 2024.
It will replace the current climate finance goal of $100 billion annually from developed countries.

The issue between developed and developing countries-

Preliminary discussions on a new climate finance goal at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change began on a contentious note.
The developed and developing countries disagreed on finance and who should foot the bill for mitigation and adaptation.
The current climate finance goal enables the flow of funds from the developed to the developing world.
Developed countries stand-
- But wealthy nations want to expand the donor base with NCQG.
- This would facilitate global contributions.
- The European Union is calling for global efforts instead of contributions merely coming from developed countries.
- The Environmental Integrity Group (EIG), a negotiation group comprising six nations including Switzerland, said other elements framed as “technical” by developing countries are highly political.
Developing countries stand-
- Negotiators from Antigua and Barbuda said that technical negotiators don’t have the mandate to “expand donor base”.
- Alliance of Small Island States, an intergovernmental organisation of low-lying coastal and small island countries, said broadening the donor base is a political topic.
- South Africa, on behalf of the African Group of Negotiators also opposed the expansion of the donor base.