Critically examine whether the New Collective Quantified Goal on climate finance addresses the needs of developing countries. What safeguards does it offer India?

The New Collective Quantified Goal (NCQG) was adopted at CMA.6 in Baku. Under it, developed countries take the lead in mobilising at least USD 300 billion a year by 2035 for developing countries, within a wider call for USD 1.3 trillion a year from all sources [1]. It is progress, but it falls well short of what developing countries need.

Where the NCQG helps

• Larger amount: It is three times the old USD 100 billion goal, which was met only in 2022, at USD 115.9 billion [2].
• Names the barriers: It identifies the high cost of capital, limited fiscal space and unsustainable debt as obstacles for developing countries [1].
• Built-in review: A 2030 review gives a formal chance to raise the goal [1].

Where it falls short

• Too little money: Developing countries' costed NDC needs are USD 455–584 billion a year up to 2030 [1]. The USD 300 billion arrives only by 2035.
• Mostly loans: 69% of public climate finance in 2022 came as loans [2]. That adds to the debt the NCQG itself calls a barrier.
• Adaptation neglected: Adaptation finance fell to USD 26 billion in 2023, against needs of USD 310–365 billion a year by 2035 [3]. The goal has no dedicated adaptation target.
• Equity deficit: India told Parliament the goal is inconsistent with CBDR-RC. It also opposed conditionalities and reliance on private finance, saying the NCQG is "not an investment goal" [4].

Safeguards for India

• Voluntary contributions: Contributions from developing countries, including through South–South cooperation, stay voluntary [1]. This blunts the push to widen the contributor base, which India opposed [4].
• Status protected: Nothing in the goal changes any Party's developing-country or recipient status [1].
• Developed-country lead: The goal keeps developed countries' leadership in providing finance, in line with Article 9 of the Paris Agreement [1].
• 2030 review: India can use it to press for a better goal [1].

The NCQG therefore sets a minimum, not a solution. It shields India's status but under-delivers on the amount, the quality and adaptation. At the 2030 review, India and like-minded developing countries should push for a dedicated adaptation target and mostly grant-based support. That would bring the goal in line with CBDR-RC (Article 2.2) and SDG 13.