One of the main outcomes of COP26 is the process to agree a new collective quantified goal on climate finance (NCQG). In order to facilitate deliberations and an exchange of experiences and best practices, several public consultations have been organised. This is Eurodad's August 2022 submission to the UNFCCC.
This Eurodad submission outlines six recommendations for how the New Collective Quantified Goal on climate finance (NCQG) can become an effective tool for rebooting the climate action system, to ensure that developing countries can help achieve the global goals of the Paris Agreement, whilst continuing to pursue sustainable development.
Our recommendations are:
- Limit the economic impacts of debt-generating instruments by scaling-up grants.
- Genuine access to high-quality, new and additional climate finance must be ensured.
- Defining new and additional climate finance to ensure additionality of climate finance flows.
- Democratic ownership of climate finance strategies based on developing countries’ needs. This must be responsive to the needs of different members of society, including women, non-binary and gender-nonconforming communities, indigenous, racialised and ethnic groups, and the disabled community.
- A comprehensive monitoring and reporting framework that covers bilateral, multilateral, intermediary and private finance flows.
- Regular reviews of the goal to evaluate progress and ensure it is able to address the evolving needs of developing countries.
Report by Eurodad