close_game
close_game

COP29: New NCQG iteration released with several options

ByJayashree Nandi
Nov 13, 2024 03:02 PM IST

The options include provision and mobilisation goal; multi-layered approach, including investment, provision and mobilisation

After developing countries rejected the first draft on the new collective quantified goal (NCQC) on Tuesday at the ongoing COP29 in Azerbaijan, co-chairs released another iteration on Wednesday morning that runs into 34 pages with many options.

The draft shows all options, and it could take several days to narrow down in order for the parties to negotiate. (@COP29_AZ | X account)
The draft shows all options, and it could take several days to narrow down in order for the parties to negotiate. (@COP29_AZ | X account)

On provision and mobilisation goal, there are three options with several sub-options.

The options include provision and mobilisation goal; multi-layered approach, including investment, provision and mobilisation and option 1 and 2 expressed as a cumulative goal or in combination with a cumulative goal over the time frame.

Also Read: Himalayan nations in a huddle at COP29; Brazil to announce ambitious climate plan

The mobilisation goal has 6 sub-options. These sub-options have a very wide range.

For instance, sub-option 1 under mobilisation goal is - Decides to set an new collective quantified goal on climate finance [of USD X] [from a floor of USD 100 billion] [of at least USD 1 trillion] [of USD 1.1 trillion] [of at least USD 1.3 trillion] [of USD 2 trillion] per year [in grant-equivalent terms] [from 2025 to 2029] [from 2025 to 2030] [from 2025 to 2035] [from 2026 to 2035] [by 2030] provided and mobilised by developed country parties and to address the evolving needs and priorities of developing country Parties with a significant provision component for adaptation, mitigation and loss and damage.

It urges developed country parties to establish burden-sharing arrangements [based on historical emissions] in the delivery of the goal outlined in paragraph X above.

Most other options have a burden sharing element based on ability, GDP Per capita among others. The multilayered approach has an option of establishing a goal of investing USD [X] trillion globally in climate action by 2035 from all sources, public and private, domestic and international, in all parties.

The draft shows all options, and it could take several days to narrow down in order for the parties to negotiate on quantum, mobilisation and sources. It also shows the very wide, polarised views on NCQG.

Developing countries unanimously rejected the NCQG draft text on Tuesday.

“G77 plus China and the like-minded developing countries want the text having elements as per priorities of the Global South,” said a negotiator.

Developing countries have also sought that the quantum be around USD 1.3 trillion per year.

Read breaking news, latest...
See more
Read breaking news, latest updates from US, UK, Pakistan and other countries across the world on topics related to US Election Live, politics,crime, along with US Election Results Live and national affairs.
SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, December 06, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On