The New Collective Quantified Goal on Climate Finance (NCQG) - COP29 Negotiation Updates

Chilambe, P., Salfi, L., Leonard, S., Tesfaye, L., Jalango, D. and Ouedraogo, I. 2024. The New Collective Quantified Goal on Climate Finance (NCQG) - COP29 Negotiation Updates. Blog Post. Montpellier, France: CGIAR System Organization.

The New Collective Quantified Goal on Climate Finance (NCQG) is a new global climate finance goal that the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA) shall set from a floor of USD 100 billion per year, prior to 2025. This new goal will be set in the context of meaningful mitigation actions and transparency on implementation, taking into account the needs and priorities of developing countries. Deliberations on setting the new goal aim to strengthen the global response to the threat of climate change in the context of sustainable development and efforts to eradicate poverty, including by making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.

The ad hoc work programme was established in 2021 to facilitate technical discussions on the NCQG, running from 2022 to 2024. The CMA will take stock of progress made in 2022 and 2023 and provide further guidance on the work programme. In 2024, the CMA (Baku) will set the NCQG.

COP29 negotiation updates as tracked, analysed and reported by Pedro Chilambe, Laura Salfi, Steve Leonard, Lidya Tesfaye, Dorcas Jalango, and Issa Ouedraogo.