1. Home
  2. Current Affairs
  3. Current News
  4. New Collective Quantified Goal

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.