High road to Dubai COP28: 6th Technical Expert Dialogue on New Collective Quantified Goal held at Bonn

High road to Dubai COP28: 6th Technical Expert Dialogue on New Collective Quantified Goal held at Bonn

Subject: Environment

Section: International conventions

Context:

• Climate finance is a key issue in climate negotiations this year.

Details:

• The $100 billion climate finance goal, which developed countries committed to in 2009, will be succeeded by the New Collective Quantified Goal (NCQG) in 2025.
• The current deliberations on the NCQG are promising and indicate that the new climate finance goal will be based on a more concrete rationale and well-defined criteria.

Progress on NCQG:

• The Sixth Technical Expert Dialogue (TED 6) of the ad hoc Work Programme on the New Collective Quantified Goal was held at the 58th Subsidiary Body Meetings in Bonn, where details on ways to determine the quantum of as well as options of framing the mobilisation and provision of financial sources were discussed.
• Key discussions are:
  • To determine the quantum (amount) of the NCQG
    • Determining the quantum through increasing provisions of climate finance from a baseline of existing provisions by either doubling or tripling previous goals.
  • Whether the new quantum should be based on the needs of developing countries;
  • Whether it should be tied to specific outcomes and outputs to be achieved in the context of Article 2 of the Paris Agreement
  • Whether the new quantum should be based on a scope and structure of the NCQG; or
  • If it should be based on the breadth of contributions including the private sector and philanthropies, among other options.
• In their submissions leading up to TED 6, Zambia, on behalf of the African Group of Negotiators, the Least Developed Countries group, India on behalf of the Like-Minded Developing Country group (LMDC), and Costa Rica on behalf of the Independent Alliance of Latin America and the Caribbean group have also said that the needs of developing countries should be a primary criterion in deciding the new quantum.
• Article 9 of Paris Agreement:
  • States that “developed country Parties shall provide financial resources to assist developing country Parties with respect to both mitigation and adaptation in continuation of their existing obligations under the Convention”.
• Article 2.1c of Paris Agreement:
  • Relates to “making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development”.