Joint statement by Amar Bhattacharya, Vera Songwe and Nicholas Stern, Co-Chairs of the Independent High-Level Expert Group on Climate Finance

“We welcome publication of the new COP29 Presidency text on the new collective quantified goal on climate finance. It calls on “all actors to work together to enable the scaling up of financing to developing country Parties for climate action from all public and private sources to at least USD 1.3 trillion per year by 2035”. This is consistent with our analysis of the investments and external finance required by developing countries outside China to deliver on the goals of the Paris Agreement. The text also calls on developed countries to increase their financial support for developing countries to $250 billion per year by 2035. 

“This figure is too low and not consistent with delivery of the Paris Agreement. Our analysis shows that the NCQG, based on the components that it covers, should commit developed countries to provide at least $300 billion per year by 2030, and $390 billion per year by 2035. We believe that these targets are feasible and will require stepped up direct bilateral finance from developed countries, much higher ambition on the part of the multilateral development banks, and improved private finance mobilisation.”

The Third Report of the Independent High-Level Expert Group on Climate Finance, which was published on 14 November 2024, can be accessed here.