The New Collective Quantified Goal on Climate Finance (NCQG)

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Relevance: " World Bank, IMF meetings conclude without concrete plan on climate finance " - Business Standard

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.

In 2021, Parties agreed the aim of the NCQG as to contributing to accelerating the achievement of Article 2 of the Paris Agreement of holding the increase in the global average temperature to well below 2 °C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5 °C above pre-industrial levels.

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 will set the NCQG. 

UNFCCC, UNCTAD, Climate Finance Access Network ( CFAN )


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