New Collective Qualified Goal on Climate Finance (NCQG)

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A new climate finance goal for the post-2025 period which countries will have to set next year at COP29. It replaces the current goal of mobilising $100bn per year for climate action in developing countries by 2020, which was agreed at the Copenhagen Accord in 2009 and reinforced by the Paris Agreement.

Developed countries have so far missed this goal and an emergency delivery plan at COP26 warned that they may not hit it until 2025, though new data indicates that they may achieve it in the 2022 annual review.

This failure jeopardises trust between nations, and the hope is that discussions at COP28 will align agreement on this new NCQG goal to restore it.