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Climate Financing FAQs



  May 08, 2024

Climate Financing FAQs



1. What is climate finance?

Climate finance refers to local, national, or transnational financing that supports mitigation and adaptation actions to address climate change.

2. What is the New Collective Quantified Goal (NCQG)?

The NCQG is a goal for climate finance, currently set at $100 billion per year after 2025, to help developing countries meet their low-carbon goals.

3. What is the disagreement between developed and developing nations on climate finance?

Developed nations want to make NCQG voluntary, while developing nations, like India, want it to be mandatory and based on the principles of "common but differentiated responsibility and respective capabilities".

4. What is the principle of "common but differentiated responsibility and respective capabilities"?

This principle states that developed countries or parties should provide financial resources to assist developing countries in implementing objectives set by the UNFCCC, taking into account their respective capabilities and historical responsibilities for climate change.

5. Why do developed nations want to reevaluate the contributor base for climate finance?

Developed nations want to reevaluate the contributor base based on the evolving capabilities of countries with the capacity to pay, their GDP, and their emission load.

6. What is India's stand on climate finance negotiations?

India stresses that future goals need to be set in accordance with the Paris Agreement, which mentions equitable growth for all countries, and that developed nations should take on greater responsibility towards a common goal.

7. What is the focus of the upcoming COP29 negotiations?

The focus will be on negotiating a new goal for NCQG, with developed and developing nations trying to find a middle ground on the issue.



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