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COP 29 - New Collective Quantified Goal (NCQG)
November 18 , 2024
3 days
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- The UN summit on climate change (COP29) has released a new draft of the new collective quantified goal (NCQG).
- It aims to secure $5-6.8 trillion for developing countries by 2030.
- Earlier the first version was rejected by the developing countries.
- The Developing countries require up to $1.5 trillion a year for their unique climate needs and net zero transition.
- The actual climate action funding requirement, however, could be several times higher than the estimates of $1-1.5 trillion.
- The UNFCCC Standing Committee on Finance estimates that a total of $5.8-5.9 trillion will be needed by 2030 to cover the needs of 153 developing countries.
- The group of 10 MDBs, including the World Bank, have said their overall climate finance provision is projected to reach $170 billion a year by 2030.
- Over 70% of the money ($120 billion) is anticipated to go to low—and middle-income countries.
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