Background 

The 29th meeting of the Conference of the Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC), billed as the ‘finance COP,’ concluded on 24 November 2024 in Baku, Azerbaijan, marking several landmark decisions to advance global climate action. At the core of the talks in Baku was the New Collective Quantified Goal on Climate Finance (NCQG), which set a goal of at least USD 300 billion per year by 2035 for developing country Parties for climate action.

With the next round of nationally determined contributions (NDCs) to be submitted by countries in 2025, there is a focus on unlocking climate finance to implement ambitious climate plans that limit global warming to 1.5°C and help communities and economies respond to adverse climate impacts.

The Asia-Pacific region, home to diverse developing economies, small island developing states (SIDS), and countries with high emissions, is crucial in driving global climate action. With the adoption of the NCQG and other important decisions on climate finance, it is important to understand their implications and the outlook for the region in the lead-up to COP30. This webinar on climate finance as part of the COP29 Outcomes webinar series will provide regional stakeholders with an inclusive platform to understand key elements of the NCQG, unpack key decision implications and discuss regional priorities in the context of implementing the NCQG.

Objectives

This webinar aims to unpack the COP29 outcomes on climate finance.

Expected Outcomes

• Enhanced understanding of the different provisions of the Baku Climate Unity Pact specific to climate finance and the NCQG;
• Foster discussions among regional stakeholders to address shared priorities and solutions.
• Raise awareness for implementing COP29 decisions, particularly for developing countries and climate-vulnerable communities.

Tentative Programme