After developing countries rejected the first draft on the new collective quantified goal (NCQC) on Tuesday at the ongoing COP29 in Azerbaijan, co-chairs released another iteration on Wednesday morning that runs into 34 pages with many options.
On provision and mobilisation goal, there are three options with several sub-options.
The options include provision and mobilisation goal; multi-layered approach, including investment, provision and mobilisation and option 1 and 2 expressed as a cumulative goal or in combination with a cumulative goal over the time frame.
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The mobilisation goal has 6 sub-options. These sub-options have a very wide range.
For instance, sub-option 1 under mobilisation goal is - Decides to set an new collective quantified goal on climate finance [of USD X] [from a floor of USD 100 billion] [of at least USD 1 trillion] [of USD 1.1 trillion] [of at least USD 1.3 trillion] [of USD 2 trillion] per year [in grant-equivalent terms] [from 2025 to 2029] [from 2025 to 2030] [from 2025 to 2035] [from 2026 to 2035] [by 2030] provided and mobilised by developed country parties and to address the evolving needs and priorities of developing country Parties with a significant provision component for adaptation, mitigation and loss and damage.
It urges developed country parties to establish burden-sharing arrangements [based on historical emissions] in the delivery of the goal outlined in paragraph X above.
{{/usCountry}}It urges developed country parties to establish burden-sharing arrangements [based on historical emissions] in the delivery of the goal outlined in paragraph X above.
{{/usCountry}}Most other options have a burden sharing element based on ability, GDP Per capita among others. The multilayered approach has an option of establishing a goal of investing USD [X] trillion globally in climate action by 2035 from all sources, public and private, domestic and international, in all parties.
The draft shows all options, and it could take several days to narrow down in order for the parties to negotiate on quantum, mobilisation and sources. It also shows the very wide, polarised views on NCQG.
Developing countries unanimously rejected the NCQG draft text on Tuesday.
“G77 plus China and the like-minded developing countries want the text having elements as per priorities of the Global South,” said a negotiator.
Developing countries have also sought that the quantum be around USD 1.3 trillion per year.