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New Collective Quantified Goal UPSC NOTE

 


What is 2015 Paris Climate Agreement?

  • It is a legally binding international treaty on climate change that was adopted by 196 countries at the Conference of the Parties COP 21 in Paris in 2015.

  • Countries aim to reach global peaking of greenhouse gas emissions as soon as possible to achieve a climate-neutral world by mid-century.

  • The main goal of the Paris Climate Accord is to limit global warming to well below 2° Celsius and preferably limit it to 1.5° Celsius, compared to pre-industrial levels.



  • Rich countries should help poorer nations by providing "climate finance" to adapt to climate change and switch to renewable energy.

  • The agreement requires rich nations to maintain a $100bn a year funding pledge beyond 2020.

What is New Collective Quantified Goal (NCGQ)?

  • A commitment of ‘$100 billion per year till 2020’ to developing nations from developed countries was a target set at the Conference of Parties (COP) in 2009.


  • The 2015 Paris Climate Agreement agreed on setting a New Collective Quantified Goal (NCGQ) for climate financing prior to 2025 — a reference point which accounts for the needs and priorities of developing nations.

  • The NCGQ is thus, termed the “most important climate goal”. It pulls up the ceiling on commitment from developed countries.

  • The NCGQ is expected to be finalised by 2024. It will replace the current climate finance goal of $100 billion annually from developed countries.



Why do we need a new finance goal?

  • Out of the promised $100 billion per year, developed countries provided $83.3 billion in 2020, as per a report by the Organisation for Economic Co-operation and Development.

  • These figures may be misleading and inflated by as much as 225%, an Oxfam analysis found, as “there is too much dishonest and shady reporting”.

  • The $100 billion target set in 2009 was seen more as a political goal, since there was no effort to clarify the definition or source of ‘climate finance’.



  • The economic growth of developed countries has come at the cost of high carbon emissions, and thus they are obligated to shoulder greater responsibility. 

  • While funds available for climate finance have quantitatively increased, they are inaccessible, privately sourced, delayed and not reaching countries in need.

  • Recent study by the Centre for Science and Environment found roughly 5% of climate finance comes from grants; the rest through loans and equity which burden developing countries with a “debilitating” debt crisis. 


  • Countries most in need of finances have to wait years to access money and pay interest high rates, thus increasing their debt burden.

What do developed countries say?

  • Developed countries argue that NCQG must be viewed as a “collective goal” for all developed and developing countries. 

  • Experts worry this argument pushes the “net zero” pathways onto developing countries, which cannot feasibly pay for mitigation, adaptation, loss and damage, along with sustainably developing key elements of infrastructure. 



  • Countries also argue for mobilising private-sector investments and loans as the critical component of climate finance. 

What is at stake in 2023?

  • Countries are on a tight deadline to agree upon the NCQG ahead of 2024.

  • There’s no official number yet, but a global transition to a low-carbon economy requires investments of at least $4 trillion to $6 trillion a year.




  • Some argue that instead of identifying a single aggregate figure, the NCQG could also set separate targets (or sub-goals) for focus areas such as mitigation, adaptation and loss and damage.

  • The aim is to focus on scaling up concessional financing, stopping debt creation and allowing NCQG to be more of a “process” rather than a goal towards equitable and people-led transition.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: New Collective Quantified Goal UPSC NOTE
New Collective Quantified Goal UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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