Kathmandu: Nepali delegates at the COP29 summit in Baku, Azerbaijan, have expressed dissatisfaction with the outcomes regarding the New Collective Quantified Goal (NCQG) on climate finance. They described the decision as inadequate and criticized the delay in its implementation.

The NCQG decision has faced criticism for falling short in addressing the urgent climate finance needs of vulnerable nations. The Group of Least Developed Countries (LDCs), including Nepal, had strongly advocated for increased funding, simplified access, and timely compensation for climate-related losses.

Dr. Sindhu Prasad Dhungana, Chief of the Climate Management Division under the Ministry of Forest and Environment, said the outcomes did not meet expectations. "We demanded $1.3 trillion in climate finance assistance, but only $300 billion has been pledged. This is far from what is needed," he stated.

Climate finance expert Raju Pandit Chhetri also expressed disappointment, noting that developed nations have consistently hesitated to increase their contributions. He pointed out that the $300 billion target by 2035 is insufficient and unclear about how much will come from developed countries versus private sources.

"This decision represents a setback for vulnerable countries like Nepal," Chhetri said, highlighting the persistent gap between commitments and action.

Similarly, Dr. Popular Gentle Bhusal emphasized the challenges this poses for Nepal’s climate plans, including its Nationally Determined Contribution (NDC). "Without sufficient funds, implementing these plans to reduce emissions and limit temperature rise will be difficult," he explained.

The Group of LDCs expressed frustration on the final day of the summit, calling the results unproductive and a betrayal of vulnerable countries.

Understanding NCQG
The NCQG is a financial target set by the United Nations Framework Convention on Climate Change (UNFCCC) to help developing countries manage climate-related challenges. It aims to provide resources for adaptation, mitigation, and loss and damage after 2025.

Climate expert Manjeet Dhakal noted that NCQG’s goal is to ensure sustainable financial resources for the development of vulnerable nations. "This requires strong collaboration between developed and developing countries," he stated.

Despite its potential, the NCQG has been criticized for not adequately addressing the needs of countries most affected by climate change.