A pivotal outcome anticipated from the 29th UN Climate Change Conference (COP 29) in Baku is establishing a consensus on defining the New Collective Quantified Goal (NCQG). It builds on the previous commitment by developed countries to jointly mobilize 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 by 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 needs to spend trillions annually to support climate action. Developed countries must step up to provide 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 the important achievement of COP 28, where the world collectively agreed to transition away from all fossil fuels. An expected outcome of COP 29 is that it will be fair, just, and help 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 of the climate finance needs of the Global South.

Agenda

Welcome Remarks

Context Setting

Panel Discussion

Madhura Joshi, Senior Associate, E3G

Mritiunjoy Mohanty, Professor, Indian Institute of Management Calcutta

Isabela Rahal, Climate Finance Expert, Talanoa políticas climáticas

Ailly Sheehama, Senior Researcher, Rabia Transitions

Mutya Yustika, Energy Finance Specialist, Institute for Energy Economics and Financial Analysis

Q&A

Closing Remarks

Runa Sarkar, Professor, Indian Institute of Management Calcutta