The Philippines is urging swift action to finalize the New Collective Quantified Goal (NCQG) on Climate Finance by 2025 to help developing nations balance economic growth with climate resilience.
Department of Finance Undersecretary Maria Luwalhati Dorotan Tiuseco stressed the importance of the NCQG at the 2024 High-Level Ministerial Dialogue on Climate Finance held on October 9 in Baku, Azerbaijan. The dialogue was part of the preparations for the 2024 United Nations Climate Change Conference (COP29).
“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,” Tiuseco said.
The NCQG, a critical part of the Paris Agreement, seeks to establish a new financing framework that scales up financial support for developing countries to fulfill their climate commitments.
Tiuseco highlighted the need for simplified access to finance through multilateral development banks, multilateral funds, and bilateral channels, while calling for substantial public finance contributions. She also proposed a five-year review cycle to ensure climate financing aligns with the needs of developing nations.
“We are firm in our stance that climate finance should be new and additional to any ODA that may be provided,” Tiuseco added.
Tiuseco co-facilitated discussions with Swiss Ambassador Felix Wertli to address unresolved issues in the NCQG framework, with representatives from several countries, including China, Canada, India, and the UAE, in attendance.
COP29 will take place in Baku from November 11 to 22, 2024. The Philippines continues to advocate for the NCQG to support its climate action plans and contribute to the global goal of mitigating climate impacts.
