New Collective Quantified Goal (NCQG)
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.
2030 Goals
By 2030, relevant stakeholders will assess and report on progress of NCQG in mobilizing public and private investments to achieve the 2035 target of USD 300 billion annually for climate action in developing economies.
StatusModerate progress
Moderate progress
- At COP21, developed economies 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 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.
- COP29 also called on the subsequent COP Presidency to develop and deliver the “Baku to Belém Roadmap to $1.3T” by November 2025. This roadmap will outline progress in mobilizing public and private actors to leverage a total of USD 1.3 trillion annually for climate finance in developing economies by 2035.
Relevant Actors & Audiences
Private FIs
Glasgow Financial Alliance for Net Zero (GFANZ)
Multilateral Development Banks
African Development Bank (AfDB), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), World Bank , European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank (IDB), Islamic Development Bank (IsDB)
International Organizations
United Nations Framework Convention on Climate Change, OECD
Governments
Canada, Germany, France, Netherlands , Brazil
Leading Countries and Alliances
High Ambition Coalition, Least Developed Countries (LDCs), Alliance of Small Island States (AOSIS), Small Island Developing States (SIDS)
Supportive Stakeholders
Bill & Melinda Gates Foundation, World Resources Institute
Milestones
The below events contain milestones related to the New Collective Quantified Goal (NCQG).
June
4th International Conference on Financing for Development
Milestones
New Collective Quantified Goal (NCQG)
The nexus of how climate finance supports development is clearly articulated, along with alignment to NCQG.
September
New York Climate Week 2025
Milestones
New Collective Quantified Goal (NCQG)
The private sector working group meets with EMDE representatives to discuss progress to date on Roadmap approach.
November
UNFCCC COP30
Milestones
New Collective Quantified Goal (NCQG)
The COP Presidency will summarize efforts to coordinate public and private actors in mobilizing USD 1.3 trillion annually through the “Baku to Belém Roadmap” report, while ongoing negotiations focus on finalizing the structure and operationalization of the NCQG targets.
Resources
The below resources all pertain to the topic of the New Collective Quantified Goal (NCQG).
New Collective Quantified Goal on Climate Finance
Commitments and ambition, New Collective Quantified Goal (NCQG)
Ad hoc work programme under the Meeting of the Parties to the Paris Agreement (CMA).
UNFCCC New collective quantified goal on climate finance
Commitments and ambition, New Collective Quantified Goal (NCQG)
Advance version of the UNFCCC New collective quantified goal on climate finance.
COP29 Adaptation Wins and Fails
Commitments and ambition, New Collective Quantified Goal (NCQG)
Climate Proof's views on COP29 adaptation wins and fails.
Joint Multilateral Development Banks (MDBs) Statement for COP29
Commitments and ambition, New Collective Quantified Goal (NCQG)
In this statement, MDBs expressed their support to implementing the Paris Agreement, remaining firmly committed to support ambitious climate action.
Joint Statement by the Least Developed Countries & Alliance of Small Island Developing States Groups on the New Collective Quantified Goal on Climate Finance (NCQG)
Commitments and ambition, New Collective Quantified Goal (NCQG)
This joint statement illustrates the common high-level priorities for the least developed countries (LDCs) and the small island developing States (SIDS) in the negotiations of the New Collective Quantified Goal on Climate Finance (NCQG).