NCQG: The Role of Different Sources for Adaptation Finance

The New Collective Quantified Goal (NCQG) on climate finance, to be defined at COP29 in late 2024, will define the future of climate finance and guide Parties' efforts to finance climate action for years to come. It is therefore key that this goal highlights the importance of adaptation finance and contains strong provisions to ensure that adaptation finance flows in line with the evolving needs and priorities of developing countries, as well as the Global Goal on Adaptation of the Paris Agreement.

We propose that the NCQG can be an important step to address the challenges of increasing the flows of adaptation finance for developing countries and should reflect adaptation finance as a priority in the way it is structured and the commitments it sets for Parties. This paper presents a proposal for how to structure the new goal in a way that achieves this.

We also propose that countries should commit to continue working to achieve the goals established by the NCQG decision by developing strategies to raise, provide, and make adaptation finance more accessible to developing countries.