At the Conference of the Parties twenty-ninth session (COP29), in Baku, Azerbaijan, Parties reached a decision on the New Collective Quantified Goal (NCQG), to mobilize at least USD 300 billion per year by 2035 to developing countries for climate action, with developed countries taking the lead. The decision also calls all actors to work together to scale up financing with the aspirational goal of mobilizing at least USD 1.3 trillion per year by 2035. With the same decision, Parties agreed to launch the Baku to Belém Roadmap to 1.3 T under the guidance of the Presidencies of the sixth Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA6) and CMA7, aimed at scaling up climate finance for developing countries to support low greenhouse gas (GHG) emissions and climate-resilient development pathways and implement the nationally determined contributions (NDCs) and national adaptation plans (NAPs).
This brief aims to introduce the Baku to Belém Roadmap to 1.3T (“Roadmap”), as well as the works carried out under it. It also tries to explore its interactions with Article 2.1(c) of the Paris Agreement and provide a set of recommendations for relevant stakeholders.
