Financing Just Transition: Synergies between NCQG and JTWP
The discussions and negotiations for the JTWP and the NCQG so far reflect the broader challenge of aligning global ambitions with practical actionable steps towards equitable climate action. Looking ahead, the JTWP has the potential to be a framework for deeper, more effective collaboration towards a collective narrative around implementing the Paris Agreement through just transition pathways at global as well as national scales, leading to tangible progress towards a sustainable and equitable future. This potential cannot be realized without a commensurate outcome of the NCQG process. The NCQG must be aligned to the needs of the JTWP outcomes. Currently, the negotiations on the two tracks do not promise such alignment. Their alignment might be a chance outcome as there are unstructured cross references. The lack of explicit alignment between the two may leave the JTWP and NCQG processes, and eventually implementation of the Paris Agreement directionless. It is important therefore to bring the two negotiation processes structurally closer to each-other.
A synergistic approach to JTWP and NCQG negotiations and subsequent implementation would ensure that climate finance be mobilized at necessary scale and channelized into projects that provide equitable opportunities to developing countries and support vulnerable populations. This focus helps ensure that financial resources are not only spent on reducing greenhouse gas emissions but also on creating social safety nets and facilitating equal economic opportunities in a low-carbon economy.