The NCQG must prioritize the needs of developing nations.
A shift towards grant-based funding is essential for restoring trust.
Implementing taxes on high-emission industries can support climate finance efforts.
BY SHEKWOPEYELO
Ahead of the informal Ministerial Dialogue on the New Collective Quantified Goal (NCQG) taking place in New York on September 27, 2024, climate activists urge world leaders to adopt a bold and equitable New Collective Quantified Goal for climate finance. This new goal must address the urgent needs of developing countries and uphold climate justice principles, focusing on delivering essential resources to help these nations mitigate and adapt to climate change impacts and address loss and damage.
Mohamed Adow, Executive Director of Power Shift Africa, emphasizes that climate finance is crucial for a safe planet. He states, “Climate finance can help the victims of climate breakdown adapt and fund the transition to clean energy. However, loans from rich nations will only increase debt for the Global South.”
Tasneem Essop, Executive Director of CAN International, describes the NCQG as a moral imperative. “Developing countries bear the brunt of the climate crisis. It’s time for developed nations to fulfill their obligations and deliver necessary climate finance,” she says. “The resources exist, but political will is shamefully absent.”
In response to COP29 President Mukhtar Babayev’s guiding questions, CAN International outlines key recommendations for the NCQG. They envision it as a transformative tool delivering substantial climate finance from developed to developing countries. The new framework must prioritize clear guidelines on burden sharing, ensure transparency and accountability, and avoid past mistakes of delivering climate finance primarily through loans.
The NCQG should focus on public finance, aiming for a minimum target of $1 trillion per year from developed to developing nations. This must cover mitigation, adaptation, and loss and damage to address the immediate needs of developing countries.
Additionally, the NCQG must incorporate the polluter pays principle, ensuring those most responsible for climate change bear the financial costs. CAN proposes that developed countries implement progressive taxes and redirect public subsidies from harmful activities.
The NCQG is crucial for fulfilling the promises of the Paris Agreement and ensuring a just transition to a low-carbon future. CAN International calls on all parties to engage constructively in the Ministerial Dialogue and commit to ambitious climate finance actions.
