The New Collective Quantified Goal (NCQG) refers to an update to the $100 billion a year that was to be made available to developing countries by developed countries to adapt to climate change as well as mitigate emissions.
- The Paris Agreement says that this new target must come into effect by 2025.
Background
- In 2009, at the COP15 held in Copenhagen, developed countries set a target of $100 billion per year. This target was to be met by 2020.
- At the COP21 held in Paris in 2015, which resulted in the famous Paris Agreement, countries agreed that they would set a New Collective Quantified Goal for finance in 2024.
- This NCQG would replace the previous $100 billion target.
- The NCQG is expected to be decided and adopted at the ongoing COP29 in Azerbaijan.
- Other than the quantum of finance itself, the NCQG would be different from the previous $100-billion target in the way it is arrived at.
