The NCQG set a new finance goal to help countries to protect their people and economies against climate disasters, and share in the vast benefits of the clean energy boom.
- NCQG is a key element of Paris Agreement, designed to set a new financial target to support developing countries in their climate actions post-2025.
Climate Finance Goals Set by NCQG
- Baku Finance Goal: Sets new global target to channel $1.3tn of climate finance to developing countries by 2035.
- Triple finance to developing countries: It set a target for developed countries to mobilize at least $300 billion per year for developing countries by 2035.
- In 2009 parties to UNFCCC had decided to mobilise $100 billion annually by 2020 which was subsequently extended to 2025.
India’s Stand
- India has rejected NCQG for climate finance during the COP29 conference on the following grounds.
- Insufficient Financial Commitment: India criticized proposed goal of mobilizing $300 billion annually by 2035 as "too little and too distant,”.
- Lack of Inclusivity in Decision-Making and thus it doesn't reflect the priorities of the Global South.
- India's rejection resonated with other developing countries, including Nigeria and Malawi.