Footing the climate action bill

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.
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