Publication - The Three Missed Opportunities of the UNFCCC's New Collective Quantified Goal on Climate Finance
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Title
The Three Missed Opportunities of the UNFCCC's New Collective Quantified Goal on Climate Finance
Publisher
Earth System Governance
Author
W. Pieter Pauw
Published in
April 2025
Abstract
The UN climate negotiations in Baku, Azerbaijan, were dubbed the ‘finance COP’. This label was a consequence of the decision in Paris in 2015 to establish a new collective quantified goal (NCQG) on finance by 2024. But more fundamentally, the label reflected the inadequacy of current climate finance flows for developing countries (see UNEP, 2023, 2022). Assuming that developing countries can finance 70 % of their climate investments, the influential independent high-level expert group report argued that developing countries (excluding China) would need US$1.3 trillion of international public and private finance per year by 2035 to meet the goals of the Paris Agreement (Bhattacharya et al., 2024). This amount is about thirteen times as much as current climate finance flows.
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