CAN Submission on New Collective Quantified Goal: Working towards a equitable new global goal on Climate Finance, August 2022

The current process to set a New Collective Quantified Goal on climate finance (NCQG) by 2024 for the period post-2025 represents an opportunity to break the status quo on climate finance, and to ensure that all countries, people, and communities in the Global South have the means to contribute to building a climate-safe future and the global goal of limiting global temperature rise to 1.5⁰C, adapt to the climate crises and respond to the suffering caused by climate-induced losses and damages.

Around the world, it’s developing countries who are paying the biggest price and bearing losses and damages from impacts while having contributed the least to the climate crisis. It’s also countries in the Global South, in particular, those most vulnerable to climate impacts, that have the least financial and technical resources, including the fiscal space in their domestic budgets, to tackle climate change.

The current climate finance governance is oppressive, doesn’t properly serve the needs of peoples and communities in the Global South, and has not adequately worked thus far to advance global climate justice. Those wealthy nations responsible for delivering the annual $100 Billion by 2020 failed. It’s time to work towards a new climate finance goal that is built on the premise of trust, where countries and communities in the Global South feel represented and can own the process.

The New Collective and Quantified goal must be a process toward system transformation of current climate finance governance: One that ensures that developing countries have the adequate, predictable and new, and additional means required to implement climate action at the scale required, for the Paris Agreement’s 1.5C goal to be achieved and helps build an equitable and peoples-led transition. The starting point toward systemic transformation is ensuring full implementation of Article 9 of the Paris Agreement to provide developing countries with financial support.