LDCs Group shows reservation over NCQG draft; yet hope for consensus tonight

KATHMANDU, NOVEMBER 24 : The Group of Least Developed Countries (LDCs), including Nepal, has raised concerns over the draft climate finance provisions presented in the New Collective Quantified Goal (NCQG).

The draft, unveiled during the 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) in Baku, Azerbaijan, has been criticized for not explicitly addressing key issues, such as increasing the volume of climate finance.

Although COP29 was originally scheduled to conclude on Friday, negotiations are still ongoing, as many points on the LDCs’ agenda remain unresolved. The LDCs, along with the G77 and China, are advocating for developed nations to commit to implementing the NCQG agenda.

Dr. Sindhu Prasad Dhungana, Chief of the Climate Management Division under Nepal’s Ministry of Forest and Environment, who is attending the summit in Baku, highlighted ambiguities in the NCQG draft.

“There has been a demand from the LDCs and other groups that developed countries increase climate finance to $250 billion annually starting in 2026. However, the draft sets a timeline extending to 2035 without clarifying whether the amount will increase after 2034. It does not clearly specify how much funding will be raised,” Dr. Dhungana stated.

He added that lobbying efforts at COP29 are focused on pressuring developed nations to expand the scope of climate finance, and some positive developments are expected by tonight.

Despite its shortcomings, Dr. Dhungana noted some achievements at COP29, such as the inclusion of NCQG in the agenda, specific initiatives for mountain-based climate actions, and the global stocktake process to review worldwide climate change mitigation efforts under the Paris Agreement.

In a press release, Evans Njewa, Chair of the LDC Group, expressed disappointment over the draft's inadequacy in addressing the needs of vulnerable nations.

“The financial support proposed falls far short of the necessary ambition. This undermines the current commitments of developed nations and fails to reflect the urgency required for global climate action. Our group is deeply disappointed to see that the draft does not reflect three years of hard work,” Njewa stated.

He further emphasized that the draft neglects the specific challenges of the most vulnerable countries, particularly LDCs and small island developing states (SIDS).

The LDCs criticized the proposed climate finance volume as being insufficient to meet their needs and called out the lack of new targets to address climate-related losses and damages.