The G77 and China, UN Trade and Development (UNCTAD) and Third World Network are co-hosting a one-day workshop on development priorities for a New Collective Quantified Goal (NCQG) that addresses the evolving needs and priorities of developing countries, in advance of COP29.

This gathering is an opportunity for negotiators to explore the range of financing challenges that have moved to the forefront of multilateral discussions in both the climate arena and global economic governance, and to consider the critical elements of transformative action to ensure developing countries can secure strong finance outcomes at COP29.

Discussions will be grounded in the context in which the NCQG will be established, namely ongoing debates around reform of the global financial architecture to provide sufficient fiscal space for every country to achieve climate and development goals.

The workshop will include considerations on:

• The links between climate, finance and economic development challenges
• Priority considerations to ensure improved quality of climate financing delivered via the NCQG
• Plausible scenarios to inform ongoing negotiations on the quantum of the NCQG for climate finance in 2025.