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Difficulty: MediumEnvironmental Issues, Conservation Reports, and Climate Summits

With reference to the New Collective Quantified Goal (NCQG) on climate finance (Baku Finance Goal) agreed at COP29, consider the following statements:

1. It sets a core target for developed countries to lead in mobilizing at least USD 300 billion annually by 2035 for developing countries.
2. The framework replaces the principle of Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC) with a uniform mandatory contribution for all nations.

Which of the statements given above is/are correct?

  1. 1 onlyAnswer
  2. B
    2 only
  3. C
    Both 1 and 2
  4. D
    Neither 1 nor 2

Answer

1 only
The correct answer is the option indicating '1 only'. Under the Baku Finance Goal adopted at COP29, developed countries committed to leading efforts to mobilize at least USD 300 billion annually by 2035 for developing countries. The agreement reaffirms existing Paris Agreement provisions and does not abolish Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC).

Step-by-Step Solution

1
Analyze Statement 1 regarding the NCQG financial commitment target.
At COP29 in Baku, the parties agreed on a new climate finance goal calling on developed countries to take the lead in mobilizing USD 300 billion per year by 2035 for developing nations, alongside an overall goal of raising USD 1.3 trillion annually from all public and private sources by 2035. Statement 1 is correct.
Evaluates official target figures adopted in international climate negotiations.
2
Analyze Statement 2 regarding institutional legal principles.
The NCQG decision explicitly operates under the umbrella of the UNFCCC and the Paris Agreement, maintaining the core principle of Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC). Developing nations contribute on a voluntary basis. Statement 2 is incorrect.
Identifies legal continuity and equity principles in UN climate accords.

Key Concept

New Collective Quantified Goal (NCQG) & COP29 Climate Finance Outcomes
Estimated Time:1m 0s
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Topics

Environmental Issues, Conservation Reports, and Climate Summits

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