New Collective Quantified Goal draft text adopted $300 billion per year by 2035

The revised draft text for the New Collective Quantified Goal (NCQG) has been released and is set to be adopted as a key outcome of COP29.

Currently, parties to the UN Framework Convention on Climate Change are gathering to discuss the document, Caliber.Az reports via local media.

The new draft establishes a target, with developed countries taking the lead, to provide $300 billion per year by 2035 to support climate action in developing countries.

As discussions reach a critical and tense climax, key figures remain in Baku, including Germany’s Foreign Minister Annalena Baerbock, European Commissioner Wopke Hoekstra, and a cadre of around ten heads of EU delegations. The return of Saudi Arabia’s Energy Minister has added urgency to the proceedings.

By Vafa Guliyeva