Climate finance is going to be the headline issue at the 29th United Nations Conference of Parties (COP 29) on climate change, which will be held from November 11-22, 2024 in Baku, Azerbaijan. The agenda on the table is of critical significance for the Global South: an outcome on a newly negotiated climate finance target. This target, known as the New Collective Quantified Goal (NCQG) on climate finance, will represent future annual flows of climate finance from developed to developing countries. The NCQG is set to replace the commitments made by developed countries in 2009 to support climate action in developing countries,by providing them US $100 billion per year by 2020 – a target that has been met only once (in 2022).
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