Draft: New collective quantified goal on climate finance

In this context, 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, to USD 250 billion per year by 2035 for developing country Parties for climate action [was $100 billion a year previously]:

(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; and

(c) Recognizing the voluntary intention of Parties to count all outflows from and finance mobilized by multilateral development banks towards achievement of the goal set forth in this paragraph;

……

Text highlighted “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 USD 455–584 billion per year and adaptation finance needs are estimated at USD 215–387 billion annually for up until 2030 and notes with concern the gap between climate finance flows and needs, particularly for adaptation in developing country Parties.”

This sort of outcome was labelled a “joke” earlier in the talks.