Mitarbeiter sonstige

The new UN climate finance goal: will the EU deliver what’s needed for a fair, ambitious and balanced new collective quantified goal?

Koch, Svea / Mariya Aleksandrova
Mitarbeiter sonstige (2024)

in: Christine Hackenesch / Niels Keijzer / Svea Koch (eds.), The European Union’s global role in a changing world: challenges and opportunities for the new leadership, Bonn: German Institute of Development and Sustainability (IDOS), 49-51

DOI: https://doi.org/10.23661/idp11.2024.11
Open access

When the next European Commission takes office this autumn, the negotiations of the new UN climate finance goal (New Collective Quantified Goal on Climate Finance (NCQG)) will be in full swing. Under the UNFCCC (United Nations Framework Convention on Climate Change) and the Paris Agreement, developed countries are obliged to provide developing countries with financial assistance to address mitigation and adaptation to climate change, with a current commitment of USD 100 billion per year between 2020 and 2025. In November 2024 at COP 29 in Baku, a new commitment replacing the USD 100 billion target building on the needs of developing countries is to be agreed so that this will guide the financial contributions by the EU to fulfil their share of the obligations. These needs of developing countries for mitigation, adaptation and loss and damage are estimated to be in the trillions, so that a minimal increase of the previous USD 100 billion target is largely considered insufficient. Yet, while the NCQG is still in its negotiating phase, it is already clear that it will not only entail a new quantum but also address issues around the quality of and access to climate finance, instruments, sources and guiding principles and, as such, give new impetus into providing a clearer picture of what counts and what does not count as climate finance.