UN Climate Talks: New Climate Finance Goal Lacks Consensus

• The world’s new collective quantified goal (NCQG) on climate finance is still undefined by developed and developing nations.

• The NCQG aims to provide money to developing nations to transition from fossil fuels and reduce greenhouse gas emissions.

• Developed countries transferred $115 billion in 2021-22, but developing nations claim the target hasn’t been met.

• A new target above $100 billion must be agreed upon by 2025, as per the Paris Agreement.

• Climate finance includes all dollars connected to climate, including profit-making business investments.

• A block of developing countries proposes an annual NCQG of ‘x’ trillion dollars from 2025 till 2035, to help countries meet their contributions and buffer against climate change threats.