SECURING A PATHWAY TO AMBITION THROUGH THE NEW COLLECTIVE QUANTIFIED GOAL

Developed countries (and other countries willing to commit to providing support) committing to a step change in international support and the implementation of measures to increase the scale and effectiveness of the international development finance system. [...] Figure 1: Overview of proposed NCQG model N E W C O L L E C T I V E Q U A N T I F I E D G O A L O N F I N A N C E – P O L I C Y B R I E F I N G 3 N O V E M B E R 2 0 2 4 Context – State of play in the climate negotiations A key component of the Paris Agreement was a commitment to set a new collective quantified goal which would replace the commitment of developed countries to mobilise $100bn per y. [...] How to meet these needs has been subject to much debate within the international community, in particular the N E W C O L L E C T I V E Q U A N T I F I E D G O A L O N F I N A N C E – P O L I C Y B R I E F I N G 4 N O V E M B E R 2 0 2 4 level of international support that is needed to drive that investment alongside commercial finance and structural reform and who should be responsible for provid. [...] This will need to bridge 12 IMF/World Bank Development Committee (Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries, From Vision to Impact: Implementing the World Bank Evolution, April 2024 N E W C O L L E C T I V E Q U A N T I F I E D G O A L O N F I N A N C E – P O L I C Y B R I E F I N G 1 2 N O V E M B E R. [...] This is likely to need consideration beyond the confines of the UNFCCC – and could for instance be considered under next year’s N E W C O L L E C T I V E Q U A N T I F I E D G O A L O N F I N A N C E – P O L I C Y B R I E F I N G 1 3 N O V E M B E R 2 0 2 4 Financing for Development discussions – but could be reflected in the NCQG decision.