As part of the Paris Agreement, it was agreed that prior to 2025 a new collective quantified goal (NCQG) should be set from a floor of US$100 billion per year, taking into account the needs and priorities of developing countries. The lessons learned from the process of setting the original climate finance goal of US$100 billion annually by 2020 prove that it is important to establish a clearly defined and specific process to ensure that the goal is scientifically based and that it does not just result in a “last-minute” political decision.
Given the importance of the process of reaching a decision on a new post-2025 climate finance target at the end of 2024, this policy brief closely analyses the current framework established under the United Nations Framework Convention on Climate Change (UNFCCC) for the NCQG, as well as the views in the submissions from Parties and other stakeholders, in order to provide a clear roadmap including next steps, milestones, and links to other processes inside and outside the UNFCCC.
