The proposed $1 trillion annual target aims to enhance adaptation efforts in the global south.
Ensuring transparency and accountability in climate finance is crucial for effective implementation.
Developing countries face significant challenges due to climate change, making climate finance essential.
BY SHEKWOPEYELO
A women’s cooperative in Yoko, Cameroon. The water crisis in Africa, worsened by climate change, threatens food security. (Copyright: UN Women, CC BY-NC-ND 2.0 DEED).
Climate Action Network (CAN) International has called for developed countries to commit to an annual climate finance target of $1 trillion to support adaptation efforts in the global south. This appeal comes ahead of the informal ministerial dialogue on the New Collective Quantified Goal (NCQG) set for September 27 in New York.
Tasneem Essop, Executive Director of CAN International, emphasized the importance of financial support from developed nations. “The NCQG is not just a goal; it’s a moral imperative for creating a just and equitable future,” Essop stated. She underscored that developing countries disproportionately bear the climate crisis’s impacts.
“It’s time for developed countries to meet their obligations and provide necessary climate finance. The resources exist, but the political will remains disappointingly absent,” Essop added. She urged developed nations to acknowledge their past responsibilities and take decisive action before COP29.
Mohamed Adow, Executive Director of Power Shift Africa (PSA), echoed Essop’s sentiments, arguing that climate finance should not consist solely of loans, which increase the global south’s debt burden. “Climate finance is key to unlocking a sustainable future. It must support adaptation efforts rather than exacerbate existing challenges,” Adow explained.
The New Collective Quantified Goal (NCQG)
The NCQG aims to set a new financial target by 2025, supporting climate action in the global south. However, developed nations have not yet met the previous $100 billion target established in 2009, which was vital for the Paris Agreement.
As discussions around the NCQG unfold, critical issues such as the target amount, funding types, and accountability mechanisms need addressing ahead of COP29 in Azerbaijan. CAN stresses the necessity of ensuring that climate finance is not primarily in the form of non-concessional loans, emphasizing the importance of balancing mitigation and adaptation efforts.
CAN advocates for the NCQG to include thematic subgoals addressing mitigation, adaptation, and loss and damage, ensuring comprehensive climate action financing. They also call for the polluter pays principle and tax justice to hold those responsible for climate change accountable for financial contributions.
