EVEN AS THE global climate talks (COP29) in Baku, Azerbaijan get under way this week, small island developing states (SIDS) are primed and ready to bat for what they describe as a “transformative New Collective Quantified Finance Goal”.
The New Collective Quantifiable Goal, NCQG for short, is a new global climate finance goal that the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement is to set from a floor of US$100 billion per year, prior to 2025.
It is specifically intended to enable the accelerated achievement of Article 2 of the Paris Agreement, which is about “holding the increase in the global average temperature to well below two degrees Celsius above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5 degrees Celsius above pre-industrial levels, recognising that this would significantly reduce the risks and impacts of climate change”