Ms. Chandni Raina, Advisor, Ministry of Finance, Government of India to speak on The NCQG: decoding the decision (Seminar)

The session would focus on the long history of the multilateral climate agreement, the evolution of the international discourse on climate finance and issues related to the new climate finance goal – the NCQG. Since the adoption of the UNFCCC- the convention, the developed countries have disregarded the context of historical responsibilities towards climate issues and the principles of equity and common but differentiated responsibilities and respective capacities, as underlined in the Convention. The reluctance of developed countries to address climate change through ambitious climate action or to support developing countries in dealing with the impacts of climate change has been a longstanding issue. By adopting the New Collective Quantified Goal at COP 29, developed countries have demonstrated progress along that continuum. The Baku to Belem Roadmap for 1.3 T, per the NCQG decision mandate, is to be finalised at COP 30 (2025). However, in the absence of concrete commitments by developed countries to provide and mobilise adequate, predictable, new and additional climate finance for developing countries, the roadmap is expected to stress the role of the private sector in mobilising climate finance and innovative climate financing measures. This is regardless of the fact that private investments are more inclined towards developed countries as developing countries face barriers to private capital, limited domestic public/fiscal resources to de-risk climate action and opaque sovereign credit rating methodologies.