ADVANCE VERSION

United Nations FCCC/PA/CMA/2024/L.22

Distr.: Limited
24 November 2024

Original: English

Conference of the Parties serving as the meeting

of the Parties to the Paris Agreement
Sixth session
Baku, 11–22 November 2024
Agenda item 11(a)
Matters relating to finance
New collective quantified goal on climate finance

Matters relating to finance

Proposal by the President

Draft decision -/CMA.6

New collective quantified goal on climate finance

The Conference of the Parties serving as the meeting of the Parties to the Paris
Agreement,
Recalling Article 9 of the Paris Agreement,
Also recalling Article 2, paragraph 1, of the Paris Agreement, which sets out the goals
of the Paris Agreement, and Article 2, paragraph 2, of the Paris Agreement, which provides
that the Agreement will be implemented to reflect equity and the principle of common but
differentiated responsibilities and respective capabilities, in the light of different national
circumstances,
Further recalling decision 1/CP.21, paragraph 53,
Recalling decisions 14/CMA.1, 9/CMA.3, 5/CMA.4 and 8/CMA.5,
1. Affirms that the new collective quantified goal on climate finance is aimed at
contributing to accelerating the achievement of Article 2 of the Paris Agreement of holding
the increase in the global average temperature to well below 2 °C above pre-industrial levels
and pursuing efforts to limit the temperature increase to 1.5 °C above pre-industrial levels,
recognizing that this would significantly reduce the risks and impacts of climate change;
increasing the ability to adapt to the adverse impacts of climate change and foster climate
resilience and low greenhouse gas emission development in a manner that does not threaten
food production; and making finance flows consistent with a pathway towards low
greenhouse gas emissions and climate-resilient development;
2. Reaffirms the outcomes of the first global stocktake and stresses the urgency of
enhancing ambition and action in this critical decade to address the gaps in the
implementation of the goals of the Paris Agreement;
3. Highlights that costed needs reported in nationally determined contributions of
developing country Parties are estimated at USD 5.1–6.8 trillion for up until 2030 or
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USD 455–584 billion per year1 and adaptation finance needs are estimated at USD 215–387
billion annually for up until 20302 and notes with concern the gap between climate finance
flows and needs, particularly for adaptation in developing country Parties;3
4. Notes the findings of the Sixth Assessment Report of the Intergovernmental Panel on
Climate Change, including the urgency of climate action; that finance, technology and
international cooperation are critical enablers for accelerated climate action; that if climate
goals are to be achieved, both adaptation and mitigation financing would need to be increased
manyfold; and that there is sufficient global capital to close the global investment gap but
there are barriers to redirecting capital to climate action, and that governments, through
public funding and clear signals to investors, are key in reducing these barriers;
5. Decides that the new collective quantified goal on climate finance will support the
implementation of developing country Parties’, inter alia, nationally determined
contributions, national adaptation plans and adaptation communications, including those
submitted as adaptation components of nationally determined contributions; contribute to
increasing and accelerating ambition; and reflect the evolving needs and priorities of
developing country Parties, especially those that are particularly vulnerable to the adverse
effects of climate change and have significant capacity constraints, such as the least
developed countries and small island developing States;
6. Reiterates the importance of reforming the multilateral financial architecture4 and
underscores the need to remove barriers and address disenablers faced by developing country
Parties in financing climate action, including high costs of capital, limited fiscal space,
unsustainable debt levels, high transaction costs and conditionalities for accessing climate
finance;
7. Calls on all actors to work together to enable the scaling up of financing to developing
country Parties for climate action from all public and private sources to at least USD 1.3
trillion per year by 2035;
8. Reaffirms, in this context, Article 9 of the Paris Agreement and decides to set a goal,
in extension of the goal referred to in paragraph 53 of decision 1/CP.21, with developed
country Parties taking the lead, of at least USD 300 billion per year by 2035 for developing
country Parties for climate action:
(a) From a wide variety of sources, public and private, bilateral and multilateral,
including alternative sources;
(b) In the context of meaningful and ambitious mitigation and adaptation action,
and transparency in implementation;
(c) Recognizing the voluntary intention of Parties to count all climate-related
outflows from and climate-related finance mobilized by multilateral development banks
towards achievement of the goal set forth in this paragraph;5
9. Encourages developing country Parties to make contributions, including through
South–South cooperation, on a voluntary basis;
10. Affirms that nothing in paragraphs 8–9 above affects any Party’s development or
recipient status;

1 See document FCCC/CP/2024/6/Add.2−FCCC/PA/CMA/2024/8/Add.2 and paras. 9–10 of

decision -/CP.29 (draft decision entitled “Matters relating to the Standing Committee on Finance”
proposed under agenda item 8(b) of the Conference of the Parties at its twenty-ninth session).
2 See United Nations Environment Programme. 2023. Adaptation Gap Report 2023: Underfinanced.
Underprepared. Nairobi: United Nations Environment Programme. Available at
http://www.unep.org/resources/adaptation-gap-report-2023.
3 Standing Committee on Finance. 2024. Sixth Biennial Assessment and Overview of Climate Finance
Flows. Bonn: UNFCCC. Available at https://unfccc.int/topics/climate-finance/resources/biennial-
assessment-and-overview-of-climate-finance-flows.
4 Decision 1/CMA.5, para. 95.
5 This does not prejudice any decision under any governing body of any multilateral development bank,
noting that each bank operates within its own mandate and governance structure and the intention
reflected in this paragraph relates to the Paris Agreement.
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11. Underscores the importance of continuing to use bilateral channels to support climate
action in developing country Parties, taking into account their needs and priorities in line
with country-driven strategies and plans;
12. Encourages Parties, in carrying out their functions as shareholders of multilateral
development banks, to continue advancing efforts to promote an evolution agenda for bigger,
better and more effective multilateral development banks in order to address global
challenges and poverty eradication and maximize impact in developing country Parties;
13. Recognizes that multilateral climate funds, including the operating entities of the
Financial Mechanism, the Adaptation Fund, the Least Developed Countries Fund and the
Special Climate Change Fund, are key in supporting developing country Parties and
encourages Parties to work through the governing bodies on which they serve to continue
enhancing climate finance, including with respect to coherence, complementarity and access;
14. Acknowledges the fiscal constraints and increasing costs to adapt to the adverse effects
of climate change and, in this context, also acknowledges the need for public and grant-based
resources and highly concessional finance, particularly for adaptation and responding to loss
and damage in developing country Parties, especially those that are particularly vulnerable
to the adverse effects of climate change and have significant capacity constraints, such as the
least developed countries and small island developing States;
15. Underscores the critical importance of significantly reducing the cost of capital and
increasing the mobilization ratio of finance mobilized from public sources by 2030 and
creating fiscal space in developing country Parties through the use of innovative instruments,
such as first-loss instruments, guarantees, local currency financing and foreign exchange risk
instruments, taking into account national circumstances, and encourages the exploration, use
and scaling up of innovative sources and instruments of finance, as appropriate;
16. Decides that a significant increase of public resources should be provided through the
operating entities of the Financial Mechanism, the Adaptation Fund, the Least Developed
Countries Fund and the Special Climate Change Fund and also decides to pursue efforts to
at least triple annual outflows from those Funds from 2022 levels by 2030 at the latest with
a view to significantly scaling up the share of finance delivered through them in delivering
on the goal contained in paragraph 8 above;
17. Affirms that the provision of scaled-up financial resources should aim to achieve a
balance between adaptation and mitigation, taking into account country-driven strategies, and
the needs and priorities of developing country Parties, especially those that are particularly
vulnerable to the adverse effects of climate change and have significant capacity constraints,
such as the least developed countries and small island developing States;
18. Recognizes the need to dramatically scale up adaptation finance, including taking into
account the global goal on adaptation and the targets referred to in paragraphs 9–10 of
decision 2/CMA.5;
19. Acknowledges the significant gaps that remain in responding to the increased scale
and frequency of loss and damage, and the associated economic and non-economic losses
and recognizes the need for urgent and enhanced action and support for averting, minimizing
and addressing loss and damage associated with climate change impacts;
20. Also recognizes the importance of continued efforts to support just transitions across
all sectors and thematic areas, and cross-cutting efforts, including transparency, readiness,
capacity-building and technology development and transfer, in developing country Parties;
21. Underscores the importance of reducing existing constraints, challenges, systemic
inequities and barriers to access to climate finance, such as high cost of capital, co-financing
requirements and burdensome application processes, welcomes ongoing efforts to improve
access to climate finance and urges all climate finance actors to strengthen their efforts to
enhance efficient and effective access to bilateral, regional and multilateral climate finance
for developing countries, in line with country-driven strategies and plans, in particular the
least developed countries and small island developing States, to eliminate conditionalities for
access, as appropriate, and to enhance transparency regarding efforts undertaken in this
regard;

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22. Also urges Parties that provide bilateral climate finance to apply access enhancements,
as appropriate and where relevant, including, in particular, by:
(a) Increasing, as appropriate, support for locally led approaches and institutions,
in particular for adaptation measures;
(b) Enhancing sustained demand-led capacity-building, technical assistance and
readiness programmes;
(c) Expanding multi-year, country-led programmatic approaches;
(d) Considering expansion of existing projects, rather than establishing smaller
new projects, as appropriate to the context and in a country-driven manner;
(e) Streamlining reporting requirements where possible and consistently with
respective mandates;
(f) Considering measures for increasing finance to the least developed countries
and small island developing States;
23. Invites international financial institutions, including multilateral development banks
as appropriate, to continue to align their operational models, channels and instruments to be
fit for purpose for urgently addressing global climate change, development and poverty, in
accordance with their mandates and in line with the direction of their governing bodies,
including by:
(a) Deploying a range of instruments, in particular non-debt-inducing instruments;
(b) Considering shifting their risk appetites in the context of climate finance;
(c) Continuing to contribute to scaling up climate ambition and finance, including
by simplifying access to finance;
(d) Continuing to enhance the effectiveness of climate finance provided and
mobilized;
(e) Considering scaling up highly concessional finance for developing country
Parties, especially those that are particularly vulnerable to the adverse effects of climate
change and have significant capacity constraints, such as the least developed countries and
small island developing States;
(f) Aiming at increasing grant financing disbursed to the least developed countries
and small island developing States;
24. Calls on multilateral climate funds, including the operating entities of the Financial
Mechanism, the Adaptation Fund, the Least Developed Countries Fund and the Special
Climate Change Fund, to strengthen their efforts to enhance access and promote
effectiveness, including by, as appropriate:
(a) Scaling up and prioritizing direct access;
(b) Simplifying and harmonizing application pre-approval and post-approval
requirements and disbursement processes;
(c) Establishing flexible information requirements;
(d) Promoting programmatic approaches;
(e) Streamlining reporting requirements;
25. Also calls on Parties to enhance their enabling environments, in a nationally
determined manner, with a view to increasing climate financing;
26. Urges Parties and other relevant actors to promote the inclusion and extension of
benefits to vulnerable communities and groups in climate finance efforts, including women
and girls, children and youth, persons with disabilities, Indigenous Peoples, local
communities, migrants and refugees, climate-vulnerable communities and people in
vulnerable situations;

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27. Decides to launch, under the guidance of the Presidencies of the sixth and seventh
sessions of the Conference of the Parties serving as the meeting of the Parties to the Paris
Agreement, in consultation with Parties, the “Baku to Belém Roadmap to 1.3T”, aiming at
scaling up climate finance to developing country Parties to support low greenhouse gas
emissions and climate-resilient development pathways and implement nationally determined
contributions and national adaptation plans, including through grants, concessional and non-
debt-creating instruments, and measures to create fiscal space, taking into account relevant
multilateral initiatives as appropriate; and requests the Presidencies to produce a report
summarizing the work as they conclude the work by the seventh session of the Conference
of the Parties serving as the meeting of the Parties to the Paris Agreement (November 2025);
28. Recalls Article 9, paragraph 7, of the Paris Agreement, which states that developed
country Parties shall provide transparent and consistent information on support for
developing country Parties provided and mobilized through public interventions biennially
in accordance with the modalities, procedures and guidelines for the transparency framework
for action and support referred to in Article 13 of the Paris Agreement,6 and that other Parties
are encouraged to do so;
29. Also recalls paragraph 118 of the annex to decision 18/CMA.1, which states that
developed country Parties shall provide information pursuant to Article 13, paragraph 9, of
the Paris Agreement in accordance with the modalities, procedures and guidelines contained
in chapter V of the annex to that decision, and that other Parties that provide support should
provide such information and in doing so are encouraged to use those modalities, procedures
and guidelines;
30. Requests the Standing Committee on Finance to prepare a report biennially,
commencing in 2028, on collective progress towards all elements of this decision, on the
basis of all relevant and available sources of information, for consideration by the Conference
of the Parties serving as the meeting of the Parties to the Paris Agreement;
31. Invites submissions on the information on financial support provided and mobilized
in 2025 and 2026 through the common tabular formats referred to in chapter V of the annex
to decision 18/CMA.1 for the electronic reporting of that information by 30 June 2028, and
the provision of relevant subsequent information on a biennial basis thereafter, in order to
provide a full overview of aggregate financial support provided and to inform the global
stocktake under Article 14 of the Paris Agreement;
32. Requests the Standing Committee on Finance to consider in its assessment of progress
for the report referred to in paragraph 30 above information from all relevant and available
data sources, such as information provided in biennial transparency reports and reporting
based on project-level data from, for example, multilateral development banks, multilateral
climate funds and other international financial institutions;
33. Recognizes the importance of transparency in measuring progress in enhancing access
to climate finance and the impacts, results and outcomes of climate finance flows for
addressing the needs and priorities of developing country Parties and requests the Standing
Committee of Finance to report on progress in these areas as part of the report referred to in
paragraph 30 above;
34. Decides to undertake a special assessment of access to climate finance at the twelfth
session of the Conference of the Parties serving as the meeting of the Parties to the Paris
Agreement (2030) with a view to assessing progress in relation to the matters referred to in
paragraphs 21–24 above and identifying further opportunities for enhancing access to climate
finance in accordance with the aim of the new collective quantified goal and in line with
Article 9, paragraph 9, of the Paris Agreement;
35. Invites the Standing Committee on Finance to consider in the report referred to in
paragraph 30 above the regional balance in efforts to increase finance in line with paragraphs
7–8 above, including therein both qualitative and quantitative considerations, and
disaggregated information related to the least developed countries and small island
developing States;

6 Decision 18/CMA.1, annex.

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36. Decides to periodically take stock of the implementation of this decision as part of the
global stocktake and to initiate deliberations on the way forward prior to 2035, including
through a review of this decision in 2030;
37. Takes note of the estimated budgetary implications of the activities to be undertaken
by the secretariat referred to in paragraphs 27, 30, 34 and 36 above;
38. Requests that the actions of the secretariat called for in this decision be undertaken
subject to the availability of financial resources.