NEW COLLECTIVE QUANTITATIVE GOAL (Syllabus: GS Paper 3 – Env and Eco)

Context: A recent climate meeting in Bonn, Germany, made little progress on defining the New Collective Quantified Goal (NCQG) for post-2025 climate finance. The NCQG, a major focus for this year's climate agenda, must be finalized at COP29.

New Collective Quantitative Goal (NCQG)

• About: It is a global climate finance goal to be set by the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA). 
• Purpose: The goal is designed to strengthen the global response to climate change threats within the framework of sustainable development and poverty eradication. 

oIt aims to ensure finance flows are aligned with pathways towards low greenhouse gas emissions and climate-resilient development.

oThe NCQG aims to hold the increase in the global average temperature to well below 2°C above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.

• Contribution to Paris Agreement: In 2021, Parties agreed that the NCQG should help achieve Article 2 of the Paris Agreement. This includes:

oHolding the increase in global average temperature to well below 2°C above pre-industrial levels.

oPursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels.

• Adaptation and Resilience: The NCQG aims to:

oIncrease the ability to adapt to adverse impacts of climate change.

oFoster climate resilience and low greenhouse gas emission development without threatening food production.