BAKU, Azerbaijan, November 11. The new collective quantitative goal should include thematic sub-goals, the representative of the Coastal Social Transformation Trust Abul Hasan said during a panel discussion on “Implementing the Paris Agreement and ensuring fair and legal distribution of climate finance for the most vulnerable countries," Trend reports.
“Climate finance will be meaningless if global warming cannot be kept within two degrees Celsius. We all realize that the climate is changing, so it is critical to keep temperatures at current levels. It is also important to consider our quantitative NCQG (New Collective Quantitative Goal). The funding strategy for the NCQG should focus on the 1.5 degree Celsius target and include thematic sub-targets such as adaptation funds and compensation for loss and damage,” Abul Hasan emphasized.
According to him, the NCQG should focus first on grant-making and then on more significant financial resources.
“The responsibility for mobilizing financial resources must be taken up by other countries. The new collective quantitative targets should be human rights and gender-sensitive,” he added.
Abul Hasan also noted that Bangladesh is one of the most vulnerable countries to climate change.
“To implement short-term and long-term plans, Bangladesh requires $18.24 billion per year. Therefore, it is important to emphasize that climate finance should be based on the principles of justice, humanism, and equity,” he concluded.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will continue until November 22, opened today in Baku.
This event is the largest organized by Azerbaijan to date, and for the first time, it is held in this region in Azerbaijan.
Within COP29, a top-level event - a summit of world leaders on climate action - will be held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance.
In addition to being a top priority that creates the conditions for action, climate finance will also contribute to the 1.5°C commitment by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for “Conference of Parties” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.