New collective quantified goal
Also called: NCQG · Topic: Environment and Sustainable Development · NCERT: Beyond NCERT
Meaning
The new collective quantified goal (NCQG) is the new global target for climate finance flowing to developing countries. It replaces the old goal of $100 billion a year, which was set at Copenhagen in 2009. According to the OECD, that old goal was met only in 2022. The NCQG was agreed at COP29 in Baku in 2024. It sets at least $300 billion a year by 2035, with developed countries taking the lead. This figure sits inside a wider "Baku to Belém" ambition of $1.3 trillion a year.
Example
India called the $300 billion figure inadequate and objected to its adoption at Baku. India's argument is that developing countries need far more money to cut emissions and adapt. It also argues that rich countries caused most historical emissions.
Don't confuse with
- The $100 billion goal (2009): this was the older and smaller target. The NCQG replaces it and is at least three times larger.
Related concepts
- Common but differentiated responsibilities
- Nationally determined contributions
- Carbon intensity
- Net zero
- Carbon neutrality
- Carbon negative
- Climate finance
- Adaptation finance
- Loss and damage