The upcoming COP29 will be a pivotal moment for global climate action, with discussions on the New Collective Quantifiable Goal (NCQG) at the heart of the agenda.
The NCQG is designed to mobilise essential financing to support climate action in developing countries, particularly in the implementation of their Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs).
Key Discussion Points
Ambition and Adequacy of NCQG: Africa must set an ambitious climate finance goal that ensures developing nations can meet their climate commitments and adapt to the growing impacts of climate change.
Africa’s Funding Needs: The African continent requires significant financial support to implement adaptation measures and build resilience.
High-Quality Climate Finance: Africa urgently requires significant and high-quality climate finance to support adaptation, mitigation, loss and damage efforts. Despite the pressing need, current financing flows remain inadequate and often tied to debt-increasing conditions, hindering sustainable development.
High-quality climate finance should not increase the debt burden of developing countries and must address the specific needs of developing countries, particularly in adaptation and loss and damage.
Under high-quality climate finance, grants and concessional financing are essential to ensure accessibility.
High-quality climate finance should be prioritized the following:
Adaptation: Building resilience to climate-induced impacts, such as extreme weather events and rising sea levels.
Mitigation: Reducing greenhouse gas emissions through clean energy technologies and sustainable practices.
Loss and Damage: Addressing the irreversible impacts of climate change that cannot be adapted to or mitigated.
Progress on the New Climate Finance Goal
Negotiations on the NCQG at the recent Bonn climate talks marked a significant step forward. Unlike previous years, direct negotiations on the new goal were held, demonstrating a growing recognition of the need for increased climate finance. However, challenges remain, particularly regarding the expansion of the contributor base and the funding sources for the NCQG.
African ministers of Environment convened in Ivory Coast last week at AMCEN to discuss climate and finance negotiations. Their meeting played a crucial role in setting the strategic direction for African negotiators at COP 29. Key priorities include:
- Clear confirmation of the NCQG: Ensuring a commitment to a substantial increase in climate finance.
- Flexibility: Adapting to evolving circumstances and applying pressure on developed countries to offer more ambitious proposals.
Success at COP 29 will mean achieving a breakthrough on the NCQG and securing fair and equitable financing terms for Africa.
- NCQG exceeding $1 trillion annually: Meeting the real needs of developing countries.
- Debt-free finance: Ensuring accessibility and avoiding debt traps.
- Respect for sovereignty: Safeguarding the decision-making autonomy of developing countries.
- Ambitious leadership: The COP 29 presidency must drive progress and ensure transparency.
Africa’s Potential and Leverage Africa has the potential to transition to renewable energy, bridge energy access gaps, and build adaptive capacities. However, realising this potential requires a comprehensive approach and adequate financing. As a significant player in the global economic system, Africa can leverage its resources and influence to secure favourable terms for high-quality climate finance.
