10 Things to Know About Climate Finance: 2024 New Collective Quantified Goal Edition
10 Things to Know about Climate Finance: 2024 New Collective Quantified Goal Edition provides a comprehensive overview of the state of climate finance, focusing on the critical role of multilateral climate funds in supporting developing countries' efforts to address climate change. It highlights the importance of the new collective quantified goal (NCQG) on climate finance, which must be set by 2025, and emphasizes the need for equitable and effective NCQG design and operationalization. The publication delves into various aspects of climate finance, including the contributions of developed and developing countries, the doubling of adaptation finance through multilateral climate funds, the dominance of grant finance for the most vulnerable countries, and the integration of human rights and gender considerations. It also discusses the need to address climate finance orphans, the prioritization of the energy sector in mitigation finance, the establishment of a new loss and damage fund, and the progress made in enhancing climate finance access. The publication concludes by highlighting the Green Climate Fund's lead as the largest multilateral climate fund and the lessons that can be drawn from its experience to inform the NCQG.
This article first appeared here: us.boell.org
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Table of contents
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1. Multilateral Climate Funds Are at the Heart of the New Collective Quantified Goal on Climate Finance
2. While Developing Countries Pledge in Solidarity, Some Developed Countries' Mandated Pledges Remain Behind Their Fair Share
3. Adaption Finance Has Doubled Through the Multilateral Climate Funds
4. Grant Finance Dominates for Adaption and the Most Vulnerable
5. Human Rights and Gender Integration Are Being Tackled by the Multilateral Climate Funds
6. Climate Finance Orphans Remain Despite Broad Eligibility
7. Mitigation Finance Prioritises the Energy Sector but Seeks Multiple Benefits
8. A New Loss and Damage Fund Can Strive for Best Practice Modalities
9. Climate Finance Access Is Being Enhanced but with Room for Improvements
10. A Replenished Green Climate Funds Cements its Lead as the Largest Multilateral Climate Fund
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