IMAL is pleased to share its timely new report: "Rebuilding Confidence and Trust after the $100 billion: Recommendations for the New Collective Quantified Goal (NCQG)", published in partnership with the independent Finance Working Group based at leading development think-tank ODI.
The full report may be downloaded below:
An early version of the report was also submitted to the UNFCCC as part of the Ad Hoc Work Programme on the New Collective Quantified Goal, accessible here.
This report explores the $100 billion experience and identifies various areas of "constructive ambiguity" in the negotiations which came to be "toxic ambiguities" during delivery, as interpretations diverged. Such issues have undermined confidence that the Paris Agreement will be delivered — and also been corrosive for developing country trust in developed countries.
The report offers a set of recommendations for designing an NCQG to help rebuild trust and confidence among countries:
1️⃣ A needs-based approach to setting the Quantum: ‘Taking into account the needs and priorities of developing countries’;
2️⃣ A constituent structure of thematic subgoals: Mitigation, Adaptation, and Loss and Damage;
3️⃣ A structure with a core provision goal: Within the mobilization goal (to include private investment mobilized), differentiating a public finance provision element;
4️⃣ Operationalizable definition(s) for additionality: COP29 can offer a mandate to develop consensus on such definitions post-2024, to clarify what is actually additional finance under the NCQG;
5️⃣ Consensus on effortsharing arrangements among developed countries: A post-COP29 process to develop, at minimum, indicative guidance on individual country contribution responsibilities, for accountability.
The window has not yet closed to apply the important lessons of the $100bn, and the stakes could not be higher for the future of the world and especially for poorer countries. As the saying goes, those who cannot remember the past will be condemned to repeat it.