High road to Dubai COP28: Developing countries demand ambition on financial support in Bonn

Subject: Environment

Section: International convention

Context:

Climate finance is a crucial issue under discussion at the 58th Subsidiary Body Meetings in Bonn and at the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) later this year.

Details:

One key area of disagreement has been the European Union’s new Mitigation Work Program (MWP) proposal which seeks to accelerate climate mitigation action across all countries. Without a consensus on the conference agenda, the conversation around key topics cannot be discussed at COP28 formally.
The South American country, Bolivia, has cited Articles 4.5, 9.1 and 9.3 of the 2015 Paris Agreement to bring attention to the financial support obligations of developed countries which they are required to deliver in order to support enhanced climate ambition in developing countries.

Article 4.5	States that developed country Parties should take “all practicable steps to promote, facilitate and finance, as appropriate, the transfer of, or access to, environmentally sound technologies and knowhow to other Parties, particularly developing country Parties, to enable them to implement the provisions of the Convention”.
Article 9.1	Relates to developed countries providing financial resources to assist developing countries with mitigation and adaptation in continuation of developed country obligations under the UNFCCC
Article 9.3	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”.

What is the New Collective Quantified Goal (NCQG)?

By decision 1/CP.21, para. 53, Parties decided that, in accordance with Article 9, paragraph 3, of the Paris Agreement, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA) shall set a new collective quantified goal (NCQG) from a floor of USD 100 billion per year, taking into account the needs and priorities of developing countries, prior to 2025.
The NCQG is expected to be operational by 2025 and will be designed to consider the needs of developing nations.
At COP26 in Glasgow, an ad hoc work programme for the NCQG for 2022-24 was set up.
Under this programme, Parties agreed to have four TEDs annually through 2024 to