New Goals on Climate Finance: A need for 2QTD Mechanism

The paper intends to present some important aspects from developing countries’ points of view for setting up the new collective quantified goal of mobilizing finance for global climate actions during the post-2025 period. The committed long-term finance mobilization target from developed countries to deal with the risks from climate change remained abysmally low and far from the actual requirement. Several studies and reports highlighted that if there is further delay in initiating requisite climate actions, the higher would be the future costs both for mitigation and adaptation. The developing nations are putting their requirements in the UNFCCC in the range of trillions of dollars. To fulfil these vast needs and priorities of developing nations, the new goal will play a critical role. In this regard, the goal should integrate four essential characteristics, namely, qualitative, quantitative, temporal, and dynamic mechanisms.