New Collective Quantified Goal on Climate Finance (NCQG)
Developing Countries including India are pushing for a much higher climate Finance mechanism NCQG.
The New collective quantified goal on climate finance will be in trillions of dollars, which will be much higher than the earlier target of $100 Billion set in the Copenhagen conference, 2009 ( COP-15).
The Developed Countries failed to deliver on the promise
So The New Collective Quantified Goal (NCQG) on climate finance is expected to be finalised by 2024. It will replace the current climate finance goal of $100 billion annually from developed countries.
Citing the work of the Intergovernmental Panel on Climate Change (IPCC), India said rich countries are the major contributors to the carbon stock in the atmosphere, clearly underlying the importance of the core principles of the UNFCCC and its Paris Agreement — equity and Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC).
So the COP-27 is currently under process in Sharm-El-Sheikh Egypt.
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