Azerbaijan has committed to making an agreement on the New Collective Quantified Goal on Climate Finance (NCQG) a top priority for COP29. The Goal is meant to build on the first climate finance goal in 2009, increasing the amount that developed countries provide to developing nations. In a letter sent to UNFCCC parties and constituencies, COP29 President-designate and Azerbaijan’s Minister of Ecology and Natural Resources Mukhtar Babayev stressed the need to secure a new climate finance deal: “Adopting the NCQG will be a pivotal moment for whether parties can make progress on the means of implementation and support, and the Paris Agreement more broadly.” Babayev also stated that he hopes COP29 will finalise details on carbon markets under Article 6 of the Paris Agreement, and to maintain momentum for the creation of a Loss and Damage Fund.
