The year 2024 is a pivotal one for climate action, with the UN climate talks (COP29 Baku Azerbaijan) set to determine a new collective quantified goal (NCQG) for climate finance. This goal will be a make-or-break factor for developing countries struggling to adapt to the escalating climate crisis.
Let’s delve into why the NCQG is so critical and what’s at stake at COP29.
Setting the Stage: The Need for More, Better Climate Finance
Back in 2009, developed nations pledged $100 billion annually by 2020 to support developing countries’ climate efforts. While progress has been made, it’s fallen short of the actual needs. Recognizing this gap, COP21 in Paris called for a new, more ambitious goal by 2025.
The NCQG aims to bridge this gap by mobilizing finances for developing countries’ climate priorities. This includes mitigation (reducing greenhouse gas emissions), adaptation (building resilience to climate impacts), addressing loss and damage caused by climate change, and ensuring a just transition to a low-carbon future.
What Developing Countries Need: Trillions, Not Billions
Developing countries are on the frontlines of climate change, facing more frequent and intense extreme weather events. The African Group of Negotiators advocates for a “quantum figure” in the trillions, with estimates reaching $1.3 trillion annually by 2030.
But it’s not just about quantity. The quality of climate finance matters too. Developing countries need grants, not loans that add to their debt burden. Additionally, the funding should be “new and additional” – meaning it shouldn’t come at the expense of existing development assistance.
Bonn Talks: Setting the Tone for COP29 Baku Azerbaijan?
Currently, preparatory discussions for COP29 are underway in Bonn, Germany. A crucial question is whether these talks will pave the way for an ambitious and realistic finance target. There’s concern that discussions on specific amounts might be avoided, potentially leading to another arbitrary figure set at COP29.
Voices from the Frontlines: A Call for Action
Ali Mohamed, Chair of the AGN, emphasizes the necessity of ensuring that climate finance flows to developing nations at the needed scale to drive non-carbon-intensive and climate-resilient development.
Similarly, Evans Njewa, Chair of the Least Developed Countries Group, highlights the importance of inclusive processes that meet the needs of the most vulnerable. Sven Harmeling, Head of Climate at the Climate Action Network Europe, calls for the EU to step up its contributions, particularly in the form of grants rather than loans.
The Stakes for COP29
The success of COP29 hinges on a robust NCQG. A failure to deliver could erode trust in the international climate change process and leave developing countries grappling with the devastating consequences of climate change.
Looking Ahead: Bonn’s Role in Shaping COP29
Will the discussions in Bonn set a clear direction for achieving an adequate and quality finance target? The outcome remains uncertain, but the stakes are undeniably high. As negotiations progress into the second week, it is imperative that developed countries commit to science-based, accessible, and scaled-up climate financing.
What are your thoughts on the potential impact of the New Collective Quantified Goal? How do you think the new climate finance goal should be structured to effectively support the most vulnerable countries? Share your opinions in the comments below!
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