| Sumario: | Following the first fireside chat in this series, which examined Article 6.8 and the role of non-market approaches in global climate action (recap available here), this second session will explore a significant finance outcome from COP29 in Baku—the agreement on a New Collective Quantified Goal (NCQG) for climate finance. CGIAR has been actively engaged in the NCQG negotiations, contributing formal submissions and closely monitoring developments at COP29. A summary of the discussions and outcomes can be found here.
At COP29 in Baku, Azerbaijan, Parties agreed on a New Collective Quantified Goal (NCQG) to enhance climate finance for developing countries. Developed countries committed to mobilizing at least $300 billion annually by 2035, aiming to scale up total financing—including public and private sources—to $1.3 trillion per year also by 2035. This agreement, while an increase from the previous $100 billion target, has had mixed reactions. Many Parties and organizations argue that the pledged amount falls short of the estimated $1.3 trillion needed annually by 2030 to effectively address climate challenges.
Looking ahead to COP30 in Belém, Brazil, discussions will focus on defining a clear implementation strategy—the “Baku to Belém Roadmap to $1.3T”—to mobilize and allocate financing efficiently. A key concern is ensuring that the food and agriculture sector, a major contributor to global emissions and highly vulnerable to climate change, receives the necessary financial support to drive transformation, enhance resilience, and promote sustainable practices.
Our expert panellists joined us to discuss the COP29 outcomes, anticipate the agenda for COP30, and explore strategies to effectively incorporate the food and agriculture sector into the challenging climate finance scenario expected for the upcoming years.
Haseeb Bakhtary, Lead Consultant at Climate Focus, shared insights from the Public Climate Finance for Food Systems Transformation report, co-authored by the Global Alliance for the Future of Food and Climate Focus, which highlights the urgent need to direct more climate finance toward sustainable, agroecological food systems and what this means for upcoming COP negotiations.
Giulia Maria Galbiati, Climate Change Specialist and Coordinator of the FAST Partnership Task Force at FAO, provided an in-depth analysis of climate-related finance for agrifood systems, exploring how climate-related official development assistance (ODA) and financial mechanisms can ensure food systems are not sidelined in the evolving climate finance landscape.
The session will be moderated by James Stapleton, Senior Strategic Advisor for Advocacy for Impact, CGIAR.
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