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 2025.1 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.2 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.3 Parties also decided to conduct the deliberations in an open, inclusive and transparent manner, ensuring participatory representativeness and recognized that deliberations on the NCQG will be cyclical in nature, with political deliberations providing guidance to the technical work to be conducted and the technical work informing the political deliberations. CMA 3 also established an ad hoc work programme on the NCQG for 2022–2024, facilitated by two co-chairs, one from a developed country and one from a developing country and decided that, as part of the ad hoc work programme, the co-chairs will conduct four technical expert dialogues per year, with one of these dialogues to be held in conjunction with the first regular sessions of the subsidiary bodies and one to be held in conjunction with the session of the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement, and the two remaining dialogues to be organized in separate regions with a view to facilitating inclusive and balanced geographical participation.4 In conducting work under the ad hoc work programme, the co-chairs will maintain regular consultations with Parties and non-Party stakeholders with a view to informing the work programme.

Objective

The co-chairs of the ad hoc work programme on the NCQG, Ms. Fiona Gilbert and Mr. Zaheer Fakir, would like to invite interested non-Party stakeholders to join the informal consultation on the NCQG. The informal consultation provides an opportunity to exchange views on the implementation of the ad hoc work programme. In particular, it provides an opportunity to:

• Provide an update on the ongoing and planned activities under the ad hoc work programme; and • Exchange views on how to enhance stakeholder engagement in the work programme in 2023.

Format

The consultation will be informal and interactive, with the objective to meet the co-chairs of the ad hoc work programme and generate insights on the approach to conducting the work over the course of 2023. There will be no formal output, however the main deliberations during the event will inform the annual report of the co-chairs to CMA 5.

Programme