THE Department of Finance (DoF) said it declared its support for approving before next year the New Collective Quantified Goal on Climate Finance (NCQG), to increase the access to financing of vulnerable countries.
A key part of the Paris Agreement, the NCQG seeks to create a new financing framework that will provide developing countries a “scaled up financing goal” to support their financing needs against climate change.
“We must realize the urgency and value of the NCQG as a framework that will provide much-needed financial support and mobilization to address the evolving needs and priorities of developing countries,” DoF Chief of Staff and Undersecretary Maria Luwalhati C. Dorotan-Tiuseco said during the 2024 High-Level Ministerial Dialogue on the NCQG on Climate Finance on Oct. 9 in Baku, Azerbaijan.
“It is our responsibility to come together and create an NCQG text that genuinely reflects these needs.”
The NCQG calls for a “level of commitment that matches the scale of our ambition, while remaining sensitive to common but differentiated responsibilities, respective capabilities, and national circumstances,” Ms. Tiuseco said.
The high-level meeting was a preliminary event for the 2024 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC (COP29) on Nov. 11-22, also in Baku.
Ms. Tiuseco also cited the need for simplified access to finance, including through multilateral development banks, multilateral funds, and bilateral channels.
She also noted the need to adopt a five-year time frame with a mandatory periodic assessment and review beginning in the third year to reflect country-driven needs assessment.
“We are firm in our stance that climate finance should be new and additional to any ODA that may be provided,” Ms. Tiuseco said. — Beatriz Marie D. Cruz