COP29 ends with new US$300bn climate finance goal
The NCQG has been described as "not enough" and a "bitter disappointment" by some; "ambitious and achievable" by others.
COP29 came to a close in the early hours of Sunday, November 24, as a new climate finance goal was adopted: one that is three times higher than previously, but less than a third of what developing countries need every year to manage the climate crisis.
After two weeks of intense negotiations, the new collective quantified goal for climate finance (NCQG) was adopted on Sunday despite clear opposition from developing countries including India and Nigeria. It states that rich countries will channel US$300 billion per year to the Global South until 2035, from “a wide variety of sources” including public, private and multilateral finance.
