Perspective Climate Research and ECBI have published a briefing note on Finding Common Ground on the New Collective Quantified Goal on Climate Finance (NCQG) that governments are expected to finalise in Baku in November at the 29th session of the Conference of the Parties to the UNFCCC (COP29). This explores the state of play of the negotiations, Parties’ priorities, and areas of contention, emphasising areas where common ground can be found and concrete progress achieved. For example, it focuses on, among others: structure of the new goal in view of the actions to be taken and scale of funding needed considering the needs and priorities of developing countries; contributor base and whether to expand it; access to and quality of finance; tracking delivery of the goal; and enhancing transparency.

The note also briefly touches on the relationship between Article 9 (developed country support to developing countries) and Article 2.1c of the Paris Agreement in the context of the NCQG. Article 2.1c calls for “making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development”. Some Parties see a relationship between Article 9 and Article 2.1c in the context of broadening the contributor base, while others fear it would shift responsibility to developing countries. The note acknowledges that the monetary number of the goal (or quantum) will be a political decision most likely taken in the final hours of Baku.