If there’s one acronym we need to remember as we navigate the acronym-filled mysteries of climate diplomacy in 2024, it’s NCQG (for New Collective Quantified Goal on Climate Finance). This “new quantified collective objective”, that is, a new global objective in terms of climate financing, will be at the center of the negotiations during the 29my world climate conference (COP29), in Azerbaijan, from November 11 to 22.
It must replace, starting in 2025, the one set in 2009, which provided for developed countries to mobilize 100 billion dollars a year (almost 92 billion euros) for developing countries to help them reduce their greenhouse gas emissions. greenhouse and adapt to the global situation. heating.
This sum, which has become totemic, was reached and exceeded in 2022 (116 billion), two years late, poisoning relations between the North and the South. For developing countries, this promise is not charity but a moral debt. Rich countries, historically responsible for climate change, must help the poorest, who pollute little but pay the highest price.
The NCQG is essential to rebuilding trust between states and increasing emissions reductions. It is one of the conditions to push countries to provide more ambitious climate plans during COP30 in Belem (Brazil), in 2025. In short, “Cash or shock”as one observer summarized it.
The development of this new objective was already foreseen in the 2015 Paris agreement. But the 197 States have not managed to resolve any of the sensitive issues, be it the amount of the endowment, the contributors or the beneficiaries. The election of Donald Trump in the United States further increases uncertainties.
the quantities
Addressing the growing impacts of the climate crisis now requires trillions of dollars (billion in English). The committee responsible for financial issues within the framework of the climate conference estimated the global needs of developing countries between 5,800 and 5,900 billion dollars to implement climate plans between now and 2030, an inventory although incomplete.
The problem also lies, if not more, in the nature and distribution of funds, between public and private. The goal of 100 billion brings together public, bilateral and multilateral financing (80% of the total in 2022), private money mobilized by the public and export credits.
You have 68.39% of this article left to read. The rest is reserved for subscribers.
