Parties to the UNFCCC have submitted
proposals for the New Collective Quantified
Goal (NCQG) under the Paris Agreement.
Initially, at COP15 in Copenhagen (2009),
developing countries pledged to jointly
mobilise $100 billion annually by 2020 for
climate action in developing nations.
However, this target was not met, leading to an
extension until 2025 during COP21 in Paris.
A new climate finance goal, the NCQG, is now
under consideration to surpass the existing
$100 billion target annually.