EU secures agreement on carbon market rules and new climate finance goal
Press Release · 24 Nov 2024 · Source: European Commission
At the COP29 UN Climate Change Conference in Baku, the European Commission and EU Member States took the lead in brokering a deal to align global financial flows with the objectives of the Paris Agreement. Through the adoption of a New Collective Quantified Goal (NCQG) for Climate Finance, the EU successfully broadened the global contributor base for climate finance. The NCQG provides for more countries to contribute finance, reflecting their growing emissions and economic weight. The agreement also gives a strengthened role to multilateral development banks (MDBs), maximising the leverage and impact of public funds by drawing in and mobilising significant private finance. Parties agreed that the combined funding from all these sources should reach at least $1.3 trillion per year by 2035.
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