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The following policy update provides an overview of developments on emerging themes and notes on key interventions made by Ministers during the High-Level Ministerial Dialogue on the New Collective Quantified Goal on climate finance (NCQG) held on the 09th of October in Baku, Azerbaijan.

To date there have been eleven Technical Expert Dialogues (TED) and three meetings (MAHWP) under the Ad Hoc Work Program of the NCQG to advance a Co-Chairs input paper intended to structure a draft negotiating text for the new goal ahead of COP29.  

To ensure that the Loss and Damage needs of developing countries can be met, a dedicated Loss and Damage sub-goal at the scale of $US 724.43 billion / year must be secured under the NCQG. This brief highlights the risks that are posed to the inclusion of a Loss and Damage sub-goal at this critical moment ahead of negotiations at COP29.