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EMISSIONS: MEPs Demand Major Polluters to Contribute to NCQG

EMISSIONS
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The European Parliament’s environment committee plans to push for more major economies and polluters to contribute to the new collective quantified goal (NCQG) at the next COP29 summit next month, according to a draft resolution adopted by 54 votes to 23 on Monday, cited by EuroNews. 

  • The draft resolution stated that as much as $3trillion/yr are needed for the NCQG, while more countries should be contributing to the fund rather than receiving from the fund.
  • The MEPs referred to major economic power and polluters such as China and other BRICS countries, that are still classed as “developing” nations, suggesting being recipients rather than donors to the fund.
  • This will replace the current commitment to pay $100bn/yr in climate finance for developing countries until 2025.
  • So far, EU finance ministers have failed to give clarity on the amount of the NCQG.
  • The next COP29 summit will take place in Baku, Azerbaijan, on 11-22 November.
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The European Parliament’s environment committee plans to push for more major economies and polluters to contribute to the new collective quantified goal (NCQG) at the next COP29 summit next month, according to a draft resolution adopted by 54 votes to 23 on Monday, cited by EuroNews. 

  • The draft resolution stated that as much as $3trillion/yr are needed for the NCQG, while more countries should be contributing to the fund rather than receiving from the fund.
  • The MEPs referred to major economic power and polluters such as China and other BRICS countries, that are still classed as “developing” nations, suggesting being recipients rather than donors to the fund.
  • This will replace the current commitment to pay $100bn/yr in climate finance for developing countries until 2025.
  • So far, EU finance ministers have failed to give clarity on the amount of the NCQG.
  • The next COP29 summit will take place in Baku, Azerbaijan, on 11-22 November.