Climate Finance – Looking Ahead to 2025
This year’s UN Climate Change Conference, COP29, concluded in Baku on 24th November. A new climate finance goal was the locus of the two-week agenda, with the New Collective Quantified Goal (NCQG) amounting to $300bn, to be contributed to by developed countries on an annual basis. The NCQG will also scale up finance to developing countries, from public and private sources, with an agreed target of $1.3 trillion per year by 2035. Although this outcome fell short of expectations, efforts must now be accelerated to deliver the NCQG and bridge the climate finance gap.