G77, China agree on new NCQG draft text as basis for finance negotiations

THE first iteration of the draft New Collective Quantified Goal on Climate Finance (NCQG) released on Wednesday found most of the G77 countries and China agreeing to use it as the basis for negotiations to achieve an ambitious climate finance goal.

- S V KRISHNA CHAITANYA

It's a 34-page draft as against the nine-page pre-COP draft that was rejected by developing countries saying it does not represent their stance. While some observers called the new draft also "non-workable," as it simply put all the options in black and white, others saw some positives in it.

The draft acknowledges that in line with the principles of equity and common but differentiated responsibilities, the NCQG is the sole obligation of developed countries to provide and mobilise climate finance to developing countries and must accurately reflect the establishment of operational features in line with the needs and priorities of developing countries.