1 month, 1 week ago
COP29 releases new plan on NCQG
Live MintNew Delhi: The UN summit on climate change on Wednesday released a new draft of the new collective quantified goal after the first version was rejected by developing countries. “The version released on Tuesday seems obviously written for developed countries to get out of grant or concessional financing responsibilities by allowing any investments to be counted towards the goal,” Arun Krishnan, climate finance expert, said. Developing countries require up to $1.5 trillion a year for their unique climate needs and net zero transition, according to various estimates. “The NCQG should be aligned with the needs of developing countries and should amount to at least $1 trillion per year, composed primarily of grants and concessional finance.
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