PriyaPatelTLDR:
Setting a new global climate finance goal is a key challenge for upcoming climate negotiations. The current target of US$100 billion a year has been met, but slow progress and double counting of funds remain issues. The new goal, known as the New Collective Quantified Goal (NCQG), aims to ramp up ambition and align with country needs. Balancing funding for mitigation and adaptation, as well as defining what counts as climate finance, are additional challenges to be addressed.
Key Points:
- Setting a new global climate finance goal is a key challenge for upcoming climate negotiations.
- The current target of US$100 billion a year has been met, but slow progress and double counting of funds remain issues.
Setting a new goal for the provision of climate finance to developing countries is the central topic for global climate negotiations in the upcoming year. The challenge lies in striking a balance between ambition and feasibility while taking the concerns of developing nations seriously. The existing US$100 billion target, reached in 2022, is set to be replaced with a new post-2025 goal known as the NCQG. This new goal aims to align with country needs and priorities, with the previous target serving as a baseline for deliberations.
Funding for climate change adaptation and mitigation poses a significant challenge, with a substantial financing gap for adaptation. Finding a balance between funding priorities, preventing double counting of funds, and establishing a clear definition of climate finance are crucial for moving forward in global climate finance negotiations.
