Finance is a key enabler of climate action. Developing countries, small island nations and the least developed countries of the world are facing the brunt of climate change caused by the developed nations. In a world experiencing frequent extreme weather events, they are forced to adapt and mitigate their way through the crisis. And the economic impacts of climate disasters are far worse on poorer countries: Hence, arriving at a financial goal that best serves the needs of these countries is significant for ensuring climate justice. As countries prepare for COP29 to be held in Azerbaijan in November 2024, the first discussions on the headline issue of climate finance are around the corner. Parties to the UNFCCC have made new submissions for the New Collective Quantified Goal on Climate Finance (NCQG). What is NCQG and why is it so important?
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