The New Collective Quantified Goal (NCQG) sets a target for financial flows from developed economies to developing economies, in order to provide predictable, adequate, and accessible climate finance to support global climate action.
Substantial global progress will be made on the road to delivering 2035 NCQG goals:
USD 300 billion a year for climate action in developing countries by 2035, led by developed countries
Efforts to mobilize USD 1.3 trillion a year by 2035 from all sources, with rapidly rising volumes from both public and private sources and adequate financing reaching vulnerable populations in LDCs and SIDS.
Moderate Progress
At COP21, countries agreed to set a new quantified climate finance target by 2025. This led to the establishment of the NCQG to support developing economies in their climate action efforts.
At COP29 in 2024, developed economies collectively committed to countries agreed a target of USD 300 billion per year by 2035 in climate finance flows to developing economies. Countries listed in Annex I of the Paris Agreement will lead contributions, while non-Annex I countries may contribute voluntarily.
In addition, the goal called for mobilising from all sources at least $1.3 trillion annually for climate finance in developing economies by 2035.
The Brazilian Presidency delivered the “Baku to Belém Roadmap to $1.3T” at COP30. This roadmap set out a framework for scaling up finance from both public and private actors to leverage a total of USD 1.3 trillion by 2035, highlighting key actors, concepts and leverage points.
At COP30, countries committed to at least triple climate finance for adaptation in developing countries to close the adaptation gap under the NCQG.
Cooperation is required between these actors and audiences to drive progress foward in New Collective Quantified Goal (NCQG).
Showcasing the key reform milestones for New Collective Quantified Goal (NCQG) that have been addressed at global events.
Washington DC, US
Discuss how international financial institutions can complement the Loss and Damage architecture by providing predictable, grant-based support for slow-onset events and climate-related mobility, while avoiding additional debt burdens
Discussions should shift from NDC ambition to implementation at scale, focusing on how international financial institutions can help close the financing gap facing developing countries through country platforms, policy-based finance, and risk-sharing instruments
Bonn
The Bonn discussions should prioritize operational coherence across the WIM, the FRLD, and the Santiago Network,and how the forthcoming State of Loss and Damage Report and BTR guidance will inform funding decisions and technical support.
Parties should discuss and address how the projected 12% emissions reduction by 2035 can be strengthened to avoid overshooting 1.5°C, especially through enhanced ambition and support from developed countries.
Publications and educational material to deepen understanding of New Collective Quantified Goal (NCQG).
Decision that emphasizes scaling up finance and support, including tripling adaptation finance by 2035 within the context of the NCQG, and calls for greater action and collaboration among Parties to mobilize financial resources from public and private sources to implement climate action equitably. It also establishes workstreams to advance discussions on climate finance and support, including a two‑year work programme on Article 9 implementation to enhance developed countries’ provision of financial resources.
The COP29 and COP30 Presidencies unveiled the Baku to Belém Roadmap to mobilize US $1.3 trillion annually in climate finance for developing countries by 2035. It outlines five priority action fronts: replenishing concessional finance, rebalancing fiscal space, rechanneling private capital, revamping coordination and capacity, and reshaping financial systems. Leaders emphasized that achieving this target requires coordinated global effort, innovative mechanisms, and integration of climate action into broader economic reform.