In less than four months, governments will meet in Baku, Azerbaijan, for the 29th United Nations Climate Change Conference, COP 29, with the main objective of discussing, negotiating, and deciding a new goal for climate finance post-2025.
The new collective quantified goal, or NCQG, on climate finance will be the second major international finance goal under the U.N. Framework Convention on Climate Change, or UNFCCC. The first one was the $100 billion annual commitment that, with its delays and difficulties, has left a trove of “do’s and don’ts” to draw on as countries set the NCQG.
Currently, the differences between developed and developing countries — contributors and recipients of the money, respectively — are so marked that recent NCQG negotiations were inconclusive.