At COP29 in 2024, countries agreed on the New Collective Quantified Goal (NCQG) on climate finance, a global target to guide the provision and mobilisation of climate finance for developing countries after 2025, succeeding the USD 100 billion goal. This session will feature an expert discussion on the scope and implications of two elements of the NCQG (i) a call to developing country Parties to scale up financing for climate action from all public and private sources to at least USD 1.3 trillion per year by 2035; and (ii) a goal for developed country Parties to lead in mobilising at least USD 300 billion per year by 2035 for climate action in developing countries.
While these figures signal greater ambition, further work will be needed in the coming years to clarify the exact scope of these two quantitative elements and how they relate to each other. This reflects the broader complexity of climate finance, where public and private contributions, bilateral and multilateral flows and alternative funding sources interact and overlap across the financing value chain. Advancing clarity on these issues will be essential for effective implementation and for designing robust arrangement to track and assess progress.
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