| Syllabus: GS-III, Subject: Environment, Ecology and Disaster Management, Topic: Global agreements and efforts, Issue: UNFCCC |
Context: COP29, in Baku, Azerbaijan, is going to set NCQG New Collective Quantitative Goal (on finance).
New Collective Quantitative Goal(NCQG)
- It aims to mobilize more finance for climate action in developing countries.
- Current climate finance falls short of the promised $100 billion annually.
- Trillions are needed yearly for climate action, with more required by 2050.
- UN Climate Change faces financial issues despite advocating for more finance.
- The new amount must be transparently monitored and used for various climate needs.
