New climate finance goal: Technical dialogue commences in Azerbaijan, heated debates expected
- September 10, 2024
- Posted by: OptimizeIAS Team
- Category: DPN Topics
No Comments
New climate finance goal: Technical dialogue commences in Azerbaijan, heated debates expected
Sub: Env
Sec: Int conventions
Climate Finance Talks in Baku: Shaping the Future of Global Climate Funding:
- From September 9-12, 2024, parties to the United Nations Framework Convention on Climate Change (UNFCCC) are meeting in Baku, Azerbaijan, to discuss a critical issue: the New Collective Quantified Goal (NCQG) on climate finance.
- This goal will succeed the $100 billion per year commitment from developed to developing countries.
- These sessions will build on discussions held at the mid-year climate conference in Bonn, Germany, in June 2024.
- Key Challenges: One of the most contentious issues is the expansion of the contributor base.
Technical Discussions: Defining the Goal:
The technical talks are focused on various aspects of the NCQG, including:
- The total amount of climate finance.
- How contributions should be calculated (e.g., as absolute amounts or as a percentage of gross national income).
- Whether the list of contributors should expand.
- Timelines for distributing the funds.
New Collective Quantified Goal (NCQG):
- Purpose and Background: The NCQG is intended to set a new global climate finance target for developed countries to support developing nations in their climate action efforts. It’s meant to succeed and expand upon the previous goal of mobilizing $100 billion annually by 2020, which was established at the 2009 Copenhagen Climate Conference.
- Key Features:
- Quantified Goal: The NCQG aims to establish a specific, measurable target for climate finance.
- Collective Effort: It represents a joint commitment from developed countries, rather than individual national pledges.
- Post-2025 Framework: The NCQG is set to come into effect after 2025, building on the previous $100 billion goal.
- Comprehensive Scope: It’s expected to cover various aspects of climate finance, including mitigation, adaptation, and addressing loss and damage.
- Negotiation Process: The NCQG is being discussed and negotiated through a series of technical expert dialogues and high-level ministerial meetings under the UNFCCC (United Nations Framework Convention on Climate Change) process.
- Challenges: Determining the NCQG involves complex negotiations around the scale of funding needed, sources of finance, and mechanisms for delivery and transparency.
- Importance: The NCQG is crucial for supporting developing countries in their climate action efforts and is seen as a key element in maintaining trust and cooperation in global climate negotiations.
COP29 of UNFCCC:
- Date: Scheduled for November 11-24, 2024
- Location: Baku, Azerbaijan
- It follows COP28 held in Dubai, UAE, in 2023, which saw significant discussions on the phase-out of fossil fuels and the operationalization of the loss and damage fund.
Key Focus Areas of COP29:
- Climate Finance:
- Discussions on the New Collective Quantified Goal (NCQG) for climate finance
- Review of progress on the $100 billion annual climate finance goal
- Global Stocktake:
- Follow-up on the outcomes of the first Global Stocktake concluded at COP28
- Discussions on enhancing climate action based on these findings
- Mitigation:
- Further negotiations on reducing greenhouse gas emissions
- Assessing progress on nationally determined contributions (NDCs)
- Adaptation:
- Strengthening resilience and adaptive capacity in vulnerable countries
- Loss and Damage:
- Operationalization of the loss and damage fund established at COP27
- Implementation of Paris Agreement:
- Continued work on implementing various aspects of the Paris Agreement
Source: DTE