Making Climate Finance Work for All
Five Tests for a Robust New Collective Quantified Goal
At COP29 in November 2024, countries are due to agree a new collective quantified goal on climate finance (NCQG). The adoption of an ambitious NCQG is the first opportunity in 15 years to redefine international climate finance mechanisms and learn the lessons from the existing $100 billion goal.
The outcome of these discussions will deeply affect the lives of millions of vulnerable people around the world, so it’s crucial that this target is fair, ambitious, and backed by stronger commitments from the countries most responsible for the climate crisis. To succeed, the NCQG must:
- Adopt a ‘fair share’ approach
- Be ambitious and based on needs
- Prioritise grant-based public finance
- Contain new and additional finance
- Be supportive of gender equality and human rights
Featuring insights from Mercy Corps as well as its partners in the Zurich Flood Resilience Alliance, this report outlines how the world can get back on track to deliver climate action that is commensurate with the escalating challenge.
