COP29 Negotiations: New Iteration of NCQG Draft Released

A new NCQG draft is released at COP29, presenting options for climate finance to address the needs of developing countries.

After developing countries rejected the first draft of the new collective quantified goal (NCQG) on Tuesday, the co-chairs released a new iteration on Wednesday morning. This updated draft spans 34 pages and includes several options for discussion. These options aim to address the climate finance needs of developing nations.

Three Options for Provision and Mobilisation Goal

The new draft includes three main options for the provision and mobilisation goal. These options propose a multi-layered approach, combining investment, provision, and mobilisation, with some including cumulative goals over time.

The mobilisation goal has six sub-options with a wide range of figures. One sub-option proposes setting a new collective quantified goal for climate finance at $1 trillion per year, with variations on the timeline and conditions. The goal would be provided and mobilised by developed countries, addressing the evolving needs of developing countries, with a significant focus on adaptation, mitigation, and loss and damage.

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Burden Sharing and Targeted Contributions

The draft also highlights the importance of burden-sharing arrangements in the mobilisation process. Some options suggest that contributions should be based on historical emissions, GDP per capita, and other factors. This aims to ensure that the financial burden is fairly distributed among developed countries.

One of the multilayered options suggests establishing a global investment goal. This would aim to raise $X trillion globally in climate action by 2035, with funding sourced from both public and private sectors across all countries.

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Polarised Views and Ongoing Negotiations

The new draft clearly reflects the wide and polarised views on the NCQG. Developing countries have pushed for a quantum of around $1.3 trillion per year, emphasizing their urgent need for climate finance. However, discussions are far from complete, as narrowing down the options will likely take several more days of negotiations.

The draft also emphasizes that the quantum, mobilization, and funding sources will need to be settled before a final agreement can be reached. The negotiations at COP29 will continue as parties work toward finding a consensus on the future of climate finance.