News: The main goal of the Conference of Parties 29 was to finalise the New Collective Quantified Goal (NCQG). However, the developing countries remain dissatisfied with the amount agreed under the NCQM.
1. The New Collective Quantified Goal (NCQG) refers to the money to be given by the developed countries to the developing countries to enable them to meet their climate goals.
2. The Paris Agreement had provided for a NCQG to be decided before 2025. However, it did not specify the year from which the amount has to be mobilised.
3. At the COP29, the developing countries had demanded a mobilisation of at least 1.3 trillion dollars a year in climate finance.
4. While the developed countries agreed to a sum of just 300 billion dollars a year, starting from 2035.
5. India has strongly opposed this amount as it is insufficient for the developing countries to meet their climate goals.
6. The developing countries demanded that the amount should be financed from public sources. However, the agreement focussed on raising finance from a variety of sources, including public, private, bilateral, multilateral and alternative sources.
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