CGIAR System Organization - Consortium of International Agricultural Research Centers

11/11/2024 | News release | Distributed by Public on 11/11/2024 20:35

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

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.

Relevant documents:

  • Input paper for the third meeting under the ad hoc work programme and positions (August)

CGIAR submissions:

Parties' positions summary (from the High-level Ministerial, October)

Scale Assessment
 Needs are "well above 1 trillion dollars" (USA)
 Current needs are in the trillions per NDR2 (AGN)
 Must match the 1.5°C survival level (LDCs)
 Must reflect total climate investments across public, private, domestic, international, and philanthropic sources (USA)

Resource Mobilization and Sources
 Public vs Private Finance
 Need to balance public and private finance (AGN)
 Public grant finance for middle-income countries when leveraging private investment

Related events:

  • 14 Nov - 6th High-Level Ministerial Dialogue on Climate Finance
  • 19 Nov - High-Level Ministerial Dialogue on Adaptation finance

CGIAR Submission (TED11): Regarding the quantum, CGIAR highlights that it must align with national priorities (NDCs, NAPs) and the latest available scientific research, focusing on sustainable development, poverty reduction, and food security. Prioritizing sectors like agriculture, water, and agrifood systems to ensure global food security, with an estimated $300-400 billion needed annually to transform these systems to align with the 1.5-degree target. A balanced financial allocation between adaptation, mitigation, and loss and damage is essential.

Regarding qualitative elements, financial support should focus on climate-impacted communities, particularly in developing nations such as LDCs and SIDS. Mobilized climate finance should drive transformative change toward low-emission, climate-resilient development, focusing on resilient food production, sustainable land use, and climate-smart technology. Emphasis on grants, highly concessional finance, and non-debt instruments is crucial for adaptation, loss, and damage, with a need to clearly define eligible climate finance tools under the Paris Agreement.