HOW TO COP: climate change. The United Nations Framework Convention on Climate Change, and the multilateral negotiation process

On 11-22 November 2024, the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) is being held in Baku. This week, the ICLRC experts started working at the Conference as the UNFCCC observers.

Climate finance is the key topic on the COP29 agenda, especially in light of the urgent need to increase support for developing countries in their efforts to decarbonize and adapt to the negative impacts of climate change. The New Collective Quantified Goal (NCQG) is at the focus of this discussion and aims to replace the annual goal of $100 billion, which was set in 2009. It is expected that the new goal will provide a more ambitious framework for financing climate action after 2025, taking into account the growing needs of developing countries.

The discussion of the NCQG structure covers not only the quantity but also the quality of climate finance, addressing such issues as increasing grant financing, attracting private sector investment, and ensuring transparency of financial flows. The outcome of these negotiations will be essential in setting the tone for international cooperation on climate finance in the coming years, particularly in light of updating national commitments (NDCs) and the need to step up efforts to achieve the objectives of the Paris Agreement following the outcomes of first Global Stocktake.

The ICLRC has prepared a brief (in Russian) covering the multilateral negotiation process on climate change issues, highlighting the central role of the UNFCCC. The document outlines the organization of work under the Convention, the participation of Parties in the international climate dialogue, and touches upon the most important additional agreements, such as the Kyoto Protocol and the Paris Agreement.