In 2009, developed countries committed to a goal of jointly mobilizing $100 billion per year by 2020 to help developing countries address and adapt to climate change. In 2015, countries decided to extend the $100 billion goal out to 2025, planning for a new, more ambitious climate finance goal to be set by end of this timeframe. This new goal is the New Collective Quantified Goal, or NCQG.

NCQG deliberations kicked off in 2021 and have been slowly progressing. With 2025 on the horizon, countries are in the final stretch. 2024 has been a year of negotiation as Parties hash out the details such as quantity, quality, timeline, contributor base and transparency measures. Now, they must finalize an ambitious climate finance goal that truly meets developing countries’ needs.

WRI encourages an ambitious, specific and transparent NCQG that enables developing countries to mitigate and adapt to climate change. We produce peer-reviewed research, educate the public and convene conversations to help all stakeholders understand the climate finance landscape at this critical juncture. This effort relies on our extensive knowledge of and involvement with the UNFCCC finance negotiations and processes as well as how they fit within the broader world of development and finance.

The NCQG negotiations provide a pivotal opportunity for countries to acknowledge challenges and build upon the lessons learned from the $100 billion goal. Through internal and external collaboration, WRI produces research and engages country negotiators to promote a new goal that:

  • Is ambitious in its quantum and timeline.
  • Ensures transparency in reporting of climate finance provided and received.
  • Directly addresses the needs of developing countries.

With such high stakes and so much ground to cover, the NCQG negotiators face an uphill battle. WRI helps to lay the groundwork for success at COP29 by:

  • Tracking current finance flows to ensure informed discussion.
  • Investigating untapped sources of climate finance.
  • Providing research on the impact of different types of finance on country-level climate action.
  • Bringing together country representatives to facilitate greater communication and understanding.

Cover image by Prashanth Vishwanathan (IWMI) / Flickr