To establish a diverse New Collective Quantified Goal (NCQG) in climate finance, countries should engage in more in-depth discussions and consultations.

To establish a diverse New Collective Quantified Goal (NCQG) in climate finance, countries should engage in more in-depth discussions and consultations.

To establish a diverse New Collective Quantified Goal (NCQG) in climate finance, countries should engage in more in-depth discussions and consultations

Wang Yi, Vice-Chair of China’s National Expert Panel on Climate Change

Negotiations on the New Collective Quantified Goal (NCQG) at the 29th Conference of the Parties on Climate Change (COP29) are confronted with diverse financing needs and a lack of a sustainable financial order and governance framework for the various sources of finance. Countries should work together to establish a multi-layered collective climate finance framework and global financing model based on existing international climate rules, with developed countries taking primary responsibility for emission reductions. This can be achieved through various approaches, including reforms of multilateral development banks (MDBs), debt-for-climate swaps, and sustainable financial governance, to facilitate the mobilization and integration of climate finance. In addition, ongoing discussions are essential to address various issues related to the management of funds. 

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