At the UN Framework Convention on Climate Change (UNFCCC) 29th Conference of the Parties (COP29), Parties not only need to decide the new collective quantified goal (NCQG) on climate finance but should also consider how to enhance synergies with other UNFCCC workstreams that will rely on the climate finance to be delivered by this new goal.
It is critical that Parties examine the relationship between the NCQG and the global goal on adaptation (GGA) to identify adaptation-specific elements that need to be effectively highlighted, such as the reference to the UAE Framework for Global Climate Resilience (the UAE Framework) agreed at COP28.
Developing countries have called for ‘balanced allocation’ between adaptation and mitigation finance for years. However, adaptation finance has not reached parity with mitigation finance.
Some Parties have presented options for inclusion of an adaptation-specific thematic subgoal in the NCQG, but these lack broad support. Nevertheless, the prioritization of adaptation finance should remain a key element of the new climate finance goal.