Today, the COP29 Presidency will hold a ministerial dialogue on the New Collective Quantified Goal (NCQG) for climate finance during the 79th United Nations General Assembly. This event signifies a major political push to resolve the current deadlock in climate finance negotiations, a key priority for COP29, which will take place in Baku this November.
The dialogue, led by COP29 President-Designate Mukhtar Babayev, will gather high-level representatives from multiple nations and negotiating groups. Its aim is to address critical political challenges and expedite consensus on the NCQG, expected to be finalized at COP29.
“Negotiations on a new climate finance goal have entered a decisive phase,” said Babayev. “Our Presidency is working tirelessly to bring political leaders together to tackle the toughest issues, as success or failure will be shared by all.” He emphasized the importance of providing countries with the financial means to boost climate action, lower emissions, and create resilient societies.
Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change, added, “An ambitious climate finance goal at COP29 is essential for every government. The world will be watching, expecting results under Azerbaijan’s Presidency.”
As part of its intensified efforts, the COP29 Presidency has also announced a series of upcoming events in Baku, including informal and formal meetings in October. Ministers Yasmine Fouad of Egypt and Chris Bowen of Australia have been appointed to lead informal political discussions on the NCQG.
With the technical phase nearing completion, Azerbaijan’s Foreign Minister Jeyhun Bayramov will deliver a keynote address at the dialogue, urging Parties to reach an agreement on this crucial climate finance goal.
