Background

At COP 21, Parties decided that, in accordance with Article. 9, paragraph 3, of the Paris Agreement, the CMA will set a new collective quantified goal on climate finance (NCQG) from a floor of USD 100 billion per year, taking into account the needs and priorities of developing countries, prior to 2025. CMA 1 decided to initiate at its third session, in accordance with Article 9, paragraph 3 of the Paris Agreement, deliberations on setting the NCQG from a floor of USD 100 billion per year in the context of meaningful mitigation actions and transparency of implementation and taking into account the needs and priorities of developing countries, and agreed to consider in those deliberations the aim to strengthen the global response to the threat of climate change in the context of sustainable development and efforts to eradicate poverty, including by making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.

At CMA 3, Parties decided that the NCQG aims at contributing to accelerating the achievement of Article 2 of the Paris Agreement of holding the increase in the global average temperature to well below 2 °C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5 °C above pre-industrial levels, recognizing that this would significantly reduce the risks and impacts of climate change; increasing the ability to adapt to the adverse impacts of climate change and foster climate resilience and low greenhouse gas emission development in a manner that does not threaten food production; and making finance flows consistent with a pathway towards low greenhouse gas emission and climate-resilient development.

In March 2023, the co-chairs of the ad hoc work programme on the NCQG developed a workplan that outlined the preliminary themes for discussions at each technical expert dialogue in 2023, in order to develop options across all elements of the goal ahead of CMA 5 for consideration by Parties, including, inter alia, quantity, quality, scope and access features, as well as sources of funding, of the goal and transparency arrangements to track progress towards achievement of the goal, without prejudice to other elements that will also be considered as the deliberations evolve, including matters relating to time frame. Accordingly, the eighth technical expert dialogue (TED) will focus on the theme “stocktake”

Following the previous decisions taken by the CMA on the aim of the NCQG and its elements, and building on previous TEDs (See TED 1, TED2, TED 3, TED 4, TED 5, TED 6 and TED 7), as well as submissions by and consultations with Parties, TED 8 will focus on a comprehensive reflection, looking into the technical expert dialogues conducted in 2023. Moreover, the dialogue will also focus on an anticipatory outlook, for the upcoming year, 2024 leveraging the reflections, to inform the work of technical expert dialogues in 2024.