New Collective Quantified Goal

• 22 Jun 2023

Recently, the New Collective Quantified Goal (NCQG) has gained significant prominence as a crucial component of the climate finance framework.

• Under the 2015 Paris Climate Agreement, the establishment of the NCQG represents a pivotal step towards setting a new financial goal for climate financing before 2025.

Key Points about the NCQG in the Climate Finance Framework

• Significance: The NCQG has emerged as a crucial aspect of climate finance, aiming to set a new financial goal for climate financing before 2025.
• Paris Agreement: The NCQG was established under the 2015 Paris Climate Agreement, signifying its importance in aligning financial commitments with climate action.
• Addressing Developing Nations' Needs: The goal of the NCQG is to address the financial needs and priorities of developing nations in their efforts to combat climate change.
• Beyond $100 Billion: The NCQG seeks to surpass the previously pledged amount of $100 billion per year until 2020, recognizing the inadequate funding to tackle climate challenges.
• Evolving Challenges: Climate change requires substantial financial resources, potentially amounting to trillions of dollars, necessitating a new financial goal.
• Bridging the Funding Gap: The NCQG aims to bridge the funding gap by providing a more accurate representation of the resources needed for effective climate action.
• Mitigation, Adaptation, and Loss & Damage: The NCQG covers various dimensions of climate finance, including mitigation, adaptation, and addressing loss and damage caused by climate impacts.
• Transparency and Accountability: The NCQG emphasizes the importance of transparent reporting, clear definitions, and sources of climate finance to enhance trust and accountability.
• Inclusive Approach: The NCQG considers the unique circumstances and vulnerabilities of different countries, aiming to ensure an inclusive and comprehensive approach to climate finance.
• Mobilizing Resources: By establishing a robust and equitable financial framework, the NCQG aims to mobilize the necessary resources for climate action and support the transition to a low-carbon and climate-resilient future.