Having trouble finding your (New Collective Quantified) Goal? When you don’t have a map it’s easy to go around in circles.
It’s Finance Day today, but it seems like things have not moved much since the Finance Day at Glasgow. We’re basically halfway through the 2020-2025 period, but the US$100 billion has not yet been found.
If anything, things look bleaker. Despite the IPCC confirming that the capital is there, more countries are suffering from a debt crisis, making Mark Carney’s GFANZ private finance trillions look like a fairy tale of empty promises for developing countries. Meanwhile, the fossil fuel crisis is making people poorer and fossil fuel companies richer. To ECO, it seems the best way to “mobilise» private sector finance is to seize the fossil windfall profits.
We’ve had 4 TEDs so far in 2022, but if anything ECO feels further away from agreeing a NCQG. Yesterday, ECO’s frustrations with the TEDs in the contact group were voiced by many developing country group’s negotiators, calling for clear milestones for convergence.
ECO would like to remind readers that the NCQG is, at its core, about developed countries making a commitment of public finance for developing countries. The needs are in the trillions of dollars per year, and inaction means that needs are growing.
When ministers meet today for their Ministerial, we urge them to remember the grave historic moment we are in. Please shake it up!