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The document evaluates the first decade of the Paris Agreement, arguing that climate finance delivery has been characterized by "incremental promises, contentious negotiations, evolving priorities and an erosion of trust amongst Parties." It highlights a significant investment deficit in Africa, where the region receives only 3% of global climate finance flows despite its high vulnerability. The brief critiques the delayed and contested achievement of the US$100 billion annual goal, the underfunding of adaptation and loss and damage, and the over-reliance on debt-creating loans over grants. It calls for a shift toward public-led, concessional finance and systemic reforms to the global financial architecture to ensure equity and transparency ahead of COP30.

Global climate finance reached a record USD 1.9 trillion in 2023, driven by a 30% compound annual growth rate in private finance from 2018 to 2023. While mitigation finance dominates at 94% of total flows—primarily targeting energy systems and transport—adaptation finance decreased by 16% in 2023 to USD 65 billion. Significant regional disparities persist, with 79% of finance concentrated in East Asia and the Pacific, Western Europe, and the US and Canada. Despite growth, current investment levels remain three times lower than the most conservative estimates of global needs.

The document evaluates COP29's impact on Africa, highlighting the New Collective Quantified Goal on Climate Finance (NCQG) as a central but insufficient outcome. It details failures in the Just Transition Work Programme and fossil fuel phase-out commitments, while noting incremental progress in adaptation roadmaps, carbon market rules, and gender mainstreaming. The authors call for more decisive action and tangible climate justice at COP30.

The document argues that the COP29 finance goal of US$300 billion is insufficient, covering less than 4.3% of projected global needs, and that Africa receives less than 3% of total global finance for developing countries. It highlights a critical imbalance where only 36% of Africa's climate finance is dedicated to adaptation. The brief calls for African nations to transition from passive actors to co-creators at COP30, advocating for the 'Baku to Belém Roadmap' to reach US$1.3 trillion and demanding that finance be grant-based, accessible, and channeled through African institutions. It also notes the negative impact of the US withdrawal from the Paris Agreement and the need for more inclusive participation for least developed countries in UN negotiations.

The We Mean Business Coalition calls on COP29 negotiators to reinforce the transition away from fossil fuels and implement Global Stocktake outcomes. The coalition argues that policy certainty and ambitious Nationally Determined Contributions (NDCs) are essential to unlock large-scale private investment in clean energy. Additionally, they advocate for a robust New Collective Quantified Goal (NCQG) on climate finance to support low- and middle-income countries and reduce investment risks.

The report details a systematic approach to quantifying 'bottom-up' climate finance needs—the capital countries state they require to meet national targets—as opposed to 'top-down' predictive models. CPI reviewed 168 NDCs, standardizing diverse data on currency, timeframes, and sector classifications using its Global Landscape of Climate Finance (GLCF) taxonomy. The methodology distinguishes between unconditional (domestic) and conditional (international) needs, while acknowledging significant data gaps, as less than half of the reviewed NDCs provided fully costed finance needs.

In 2023, IDFC members committed $199 billion in green finance, a 31% decrease from 2022, largely due to currency depreciation in East Asia and the Pacific and the adoption of more conservative tracking methodologies. Climate finance dominated at 98% of total green finance, with mitigation accounting for 89% of that amount. Adaptation finance fell significantly to $10.5 billion, while biodiversity finance reached its lowest level since 2020 at $8.2 billion. The report emphasizes the role of public development banks (PDBs) in providing transformative finance and calls for the New Collective Quantified Goal on Climate Finance (NCQG) to integrate 'transformational criteria' to better catalyze private investment.

The briefing outlines a comprehensive framework of negotiation options for the NCQG, covering its preamble, the needs of developing countries, fundamental principles, temporal scope, and the structure of the goal. It details various proposals for the quantum of finance—ranging from USD 441 billion to 2.4 trillion—and suggests mechanisms for determining this amount based on developing country needs and temperature goals. Additionally, the document proposes qualitative elements regarding gender, human rights, and technology transfer, as well as specific enhancements for access to finance, levels of concessionality, and transparency arrangements for tracking progress.

The document argues that loss and damage (L&D) finance is a matter of climate justice and that the Global South must maintain a unified negotiating position to secure grants-based funding. It reviews the operationalization of the Loss and Damage Fund and the Santiago Network, while warning against the use of loans that increase external debt. The brief highlights the strategic role of Brazil's G20 presidency and COP30 in advancing a holistic development and environment agenda, and calls for the New Collective Quantified Goal on Climate Finance to include separate sub-goals for adaptation and L&D to prevent double counting.

The briefing examines the ongoing negotiations for the New Collective Quantified Goal (NCQG) on climate finance, focusing on seven critical areas of contention: the financial target amount, the identity of contributing countries, the applicable time frame, the inclusion of loss and damage, alignment with Article 2.1(c) of the Paris Agreement, the quality of finance (concessionality, accessibility, predictability, and effectiveness), and the mechanisms for transparently tracking progress.

The document provides a roadmap for Brazil to lead international efforts in reforming the global financial architecture, promoting country platforms for investment, and addressing gaps in adaptation and nature finance. It emphasizes the need for the G20 to scale up resources for Emerging Markets and Developing Economies (EMDEs) and suggests that Brazil lead by example by structuring its own Nationally Determined Contributions (NDCs) through a functional country platform by 2025.

The document argues that Brazil has a unique opportunity during its G20 presidency and the lead-up to COP30 to champion more equitable and effective climate finance. It identifies critical gaps in funding for emerging markets and developing economies (EMDEs) and proposes reforms to Multilateral Development Banks (MDBs) and the IMF. Key recommendations include the use of 'national platforms' to align NDCs with economic development, the integration of climate risks into investment portfolios, and the promotion of nature-based financing and adaptation funding.