‍

(Download the paper using the PDF icon at the bottom of this page).  

‍

At the 29th Conference of Parties (COP29), which will take place from the 11th to the 22nd of November, 2024, in Baku, Azerbaijan, a New Collective Quantified Goal on Climate Finance (NCQG) will be set. The NCQG will replace the US$ 100 billion goal set at COP15 in Copenhagen in 2009, and is necessary to enable developing countries to meet the goals of the Paris Agreement including limiting global temperature rise to 1.5°C.

To achieve climate justice and equity, the NCQG must address all three pillars of climate action, including mitigation, adaptation and Loss and Damage, through dedicated sub-goals with clear financial commitments. This structure will ensure accountability, clarity, and justice, enabling developing countries to meet the growing and disproportionate climate risks they face.

Intergenerational equity and human rights must be central to the NCQG, ensuring that today's climate finance decisions uphold the rights of current and future generations —particularly those of marginalised communities— by securing their rights to a healthy environment, life, development, human dignity and all other rights jeopardised by the climate crisis.

To support the achievement of a high ambition NCQG, this paper provides analysis and detailed guidance in the following key areas:

• Defining the NCQG in the context of an escalating climate crisis;
• The historical context of climate finance and its relevance to the NCQG;
• The link between the NCQG and achieving the 1.5°C ;
• Progress to date on the draft negotiating text for the NCQG, including an overview of what is yet to be agreed;
• The positions of developing and developed countries on NCQG elements and the articulation of needs, including a typology of developed country delay and obfuscation tactics;
• Arguments for a Loss and Damage sub-goal under the NCQG;
• The total quantum of the NCQG and allocations for mitigation, adaptation and Loss and Damage;
• The proportion of grants for adaptation and Loss and Damage;
• Concessional finance;
• Equity, justice and burden sharing;
• Transparency and accountability;
• The importance of a climate finance definition, including guidance on a framework for the definition and a negative list of what should not be counted as climate finance;
• Article 2.1 (c) of the Paris Agreement and the NCQG;
• Enhancing access to climate finance under the NCQG;
• Human rights and intergenerational equity and the NCQG; and;
• The NCQG as a catalyst for equity and ambition.

The paper also contains three annexes. The first lists the articles and decisions relevant to the inclusion of Loss and Damage in the NCQG from the United Nations Framework Convention on Climate Change and its Paris Agreement. The second lists the 18 mentions of Loss and Damage in the Co-Chairs 2024 report on the Ad Hoc Work program of the NCQG. And the third provides a preliminary analysis of the substantive framework for the draft negotiating text for the NCQG.

In addition to the paper, we have prepared four “cheat sheets”: the first on what has yet to be agreed under the NCQG, the second on developed country delay and obfuscation tactics under discussions on the NCQG, the third on arguments for Loss and Damage to be included in the NCQG and counter arguments against its exclusion, and the fourth on guidance on an equitable framework for a definition of climate finance for the New Collective Goal on Climate Finance (NCQG).

The development of this paper is supported by the Rosa-Luxemburg-Stiftung New York Office with support from the German Ministry for Economic Cooperation and Development (BMZ), the Climate Emergency Collaboration Group (CECG), Open Society Foundations (OSF), the Climate Ambition Support Alliance (CASA), and Brot für die Welt.

‍

‍