New Collective Quantified Goal (NCQG) on Climate Finance
A central debate at recent COPs has been climate finance: how much developed countries will provide to developing nations for mitigation and adaptation. The New Collective Quantified Goal (NCQG) — a replacement for the now-expired $100 billion per year commitment made at Copenhagen — was finalized at COP29 in Baku (November 2024). It sets a goal of mobilising at least $300 billion per year by 2035 from developed countries, within a broader aspiration of scaling all sources of climate finance to at least $1.3 trillion per year by 2035 (the "Baku to Belém Roadmap").
- The $100 billion per year target (agreed at Copenhagen, 2009; formalised in Paris) was officially met only in 2022 — two years late.
- The NCQG's $300 billion figure was widely criticised by developing nations as far below the estimated $1–2.4 trillion needed annually.
- EU's position at the 17th PCD: Europe pays €500 million per day in fossil fuel imports, which should be redirected toward domestic clean energy — framing climate action as economic self-interest.
- The International Energy Agency reported that renewables accounted for 75% of new global power generation capacity in 2025, versus 25% for fossil fuels.
● Tracked since April 27, 2026 · last seen September 16, 2026 · updates as the daily brief publishes
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