The New Collective Quantified Goal (NCQG) on climate finance raises the bar from US$100 billion to a new target of US$300 billion annually by 2035, with the ambition of mobilizing US$1.3 trillion annually for developing countries. The majority of this is to be allocated through the UNFCCC climate funds. However, there are important questions to be clarified for implementation.
The CFAS Policy Brief by Germanwatch analyzes the commitments to the NCQG with regard to UNFCCC funds. Past trends, different interpretations of the targets, and the opportunities and challenges of expanding the role of the UNFCCC climate funds all play a role here. The brief concludes with recommendations for promoting the transformative potential of the UNFCCC climate funds on the road from Baku to Belém.
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