Co-chairs of the New Collective Quantified Goal (NCQG) have arrived at a workable basis for discussion on the Summit’s top priority finance goal.

By Joyce Chimbi
BAKU, Nov 14 2024 (IPS)

Three days into the landmark COP29 conference, the co-chairs of the New Collective Quantified Goal (NCQG) have arrived at a workable basis for discussion on the summit’s top priority goal—a new climate finance goal. The COP29 Presidency says the draft will, moving forward, “guide conversations around potential landing zones and help identify concerns.”

The NCQG is a new global climate finance goal that the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA) shall set from a floor of USD 100 billion per year, prior to 2025. Parties have welcomed the decision, edging the summit closer to setting ambitious goals. 

“This is a significant step but there are still many options to be resolved. We now want to hear everyone’s views and we will create spaces for them to provide their inputs throughout COP29. But the parties must remember that the clock is ticking and we only have 10 days left,” COP29 President Mukhtar Babayev commented about the draft.

Mambagri Ouoba, Party in the Burkina Faso country delegation, has expressed his optimism that, at last, this COP will chart a sustainable financial path to finance effective, efficient and sustainable climate action to push back on the climate onslaught. Stressing that vulnerable, high-risk and poor countries in the Global South are in need of substantial financial and technical support to build resilience.

“Delegates, Parties, Observers and people from indigenous and other vulnerable communities are following discussions very closely and any progress, such as this, is very much welcome. Any decision or outcome made here at Baku must reflect the wishes and aspirations of all of us in every corner of the world. It is our collective responsibility to build resilience against climate change,” Ouoba told IPS.

Simon Philbert Kimaro, Party in the Tanzania delegation, told IPS that it is important to set binding financial goals “as pledges do not work very well. Commitments must be binding so that nations and other relevant stakeholders can be held into account. COP28 was historic as it very quickly arrived at an agreement on the operationalization of the Loss and Damage Fund but we expected much more progress than what has been achieved over the last year. Nevertheless, we are hopeful, as there has been some positive progress in the last few days of COP29.”

The loss and damage fund was established to bring finance to millions of people in developing countries on the frontlines of the devastating climate onslaught. As of September 2024, a total of USD 702 million has been pledged to the Fund from 23 contributors. Delegates from the Global South say this is far from enough to meet the climate challenge.

In Baku, the loss and damage issue appears to be a key priority in the COP29 Presidency’s plan to enhance ambition and enable action. The Presidency has pushed for progress and the Fund for Responding to Loss and Damage is now ready to accept contributions after the signing of key documents.

The Fund will serve as a lifeline by providing critical and urgent support for those impacted by the devastating consequences of climate change. With this important milestone reached, the Fund is now expected to start financing projects in 2025.

IPS UN Bureau Report