UNCTAD – The New Collective Quantified Goal on Climate Finance, Nov 2024

The United Nations Conference on Trade and Development (UNCTAD) released "The New Collective Quantified Goal on Climate Finance" in November 2024, providing a comprehensive analysis of the financial requirements for developing countries to meet their climate objectives. The report emphasizes the necessity of setting a new climate finance goal that surpasses the previous $100 billion annual target, aligning with the evolving needs and priorities of developing nations. It estimates that developing countries will require approximately $1.1 trillion annually for climate finance starting in 2025, increasing to around $1.8 trillion by 2030. The study advocates for a transformative approach to climate finance, focusing on equitable distribution, enhancing fiscal space without exacerbating debt burdens, and ensuring transparency and accessibility of funds. It also highlights the importance of international cooperation and a pro-development international financial architecture to maximize the effectiveness of climate finance flows and support sustainable development.