NDF at COP29: Shaping the future of climate finance

The annual global climate summit, COP29 – hosted in Baku, Azerbaijan, from 11 to 22 November 2024 – has been labelled the “climate finance COP”, as the most vital decision will be an agreement on a New Collective Quantified Goal on climate finance (NCQG). During this year’s negotiations, member countries aim to achieve a new funding goal, replacing the current annual funding target of USD 100 billion, with a commitment to deliver significantly more on climate finance, especially to the regions most vulnerable to climate change.

“While climate finance has hit unprecedented levels, it still falls short of our urgent needs, especially in climate adaptation. A collective quantified goal will help the global community to close gaps, act and finance better climate-resilient solutions where it is most needed,” says Satu Santala, Managing Director at NDF.

Learn more about our participation at COP29

Nordic perspectives to work towards a sustainable tomorrow

Without action, 130 million more people living in the most vulnerable countries will be pushed into extreme poverty due to climate change by 2030, according to the World Bank.

The Nordics play a crucial role in the climate dialogue, alongside our commitment to sustainable development. The region is recognised for its leadership in renewable energy and investing in innovative climate solutions.

NDF is continuously delivering high-quality climate financing in Africa, Asia and Latin America – guided by Nordic’s expertise in sustainability and development, as well as strong Nordic values such as inclusion, transparency, and gender equality.

For more information on our values and results, see our Results Report 2023

Since 2009, we have provided EUR 563 million to finance climate adaptation and mitigation projects in the Global South. Only last year, we contributed to delivering positive development and climate outcomes to over 57 million people —of which half are women— and vulnerable communities impacted by climate change.

“We, at NDF, have stepped up our contribution and increased our annual commitments by 55% since our previous strategy period. But it is not enough to just deliver quality, quantity of finance also matters. We will continue to catalyse innovative solutions and mobilise public and private resources, ” Santala emphasises.

Join us at COP29 – in person or online

To strengthen the global discussion, NDF will host events – some of which will be streamed online – showcasing examples of our impact as a Nordic pioneer in early-stage catalytic financing with our flexible capital models. We will also discuss how we support other regions in becoming more climate resilient and how we work with our strategic partners to achieve our goals.

Sign up for the live-stream of our event on climate finance on 14 November

“As we move forward towards COP29 and finding solutions to humanity’s most profound challenges, we call the global community to match the ambition with action and mobilise climate finance with speed and scale for solutions that can change our planet’s future.”

Listen to Satu Santala's vision to this year's COP:

See our full agenda at COP29 here