A pivotal outcome anticipated from the UNFCCC negotiations at COP 29 in Baku is the establishment of a consensus on defining the New Collective Quantified Goal (NCQG). It builds on the previous commitment of developed countries to mobilize jointly USD 100 billion per year to address the climate finance needs of developing countries.

The NCQG has the potential to be an important enabler of future climate action. At COP 21, Parties agreed to set the NCQG prior to 2025, considering the needs and priorities of developing countries, which are often at the frontline of climate change impacts. Agreeing to a new climate finance goal is crucial to unlocking ambition in the third generation of nationally determined contributions (NDCs) under the Paris Agreement, due in February 2025.

The Global South need to spend trillions annually to support climate action. Developed countries have to step up on providing climate finance, with public funds at the core. The needs of each country within the Global South are unique, yet it is imperative that a collective understanding of these needs is reached to facilitate negotiations. COP 29 follows on the important achievement of COP 28 where the world collectively agreed to transition away from all fossil fuels. An expectation from COP 29 is an outcome that will be fair, just, and helps accelerate global climate action.

This webinar – the second in a series of four – will bring together climate finance experts from India, Indonesia, South Africa, and Brazil to share their country perspectives and help build awareness on the climate finance needs of the Global South.

Agenda

Welcome Remarks

Context Setting

Panel Discussion

Mritiunjoy Mohanty, Professor, Indian Institute of Management Calcutta

Isabela Rahal, Climate Finance Expert, Talanoa políticas climáticas

Mutya Yustika, Energy Finance Specialist, IEEFA

Madhura Joshi, Senior Associate, E3G

Closing Remarks

Runa Sarkar, Professor, Indian Institute of Management Calcutta