In a groundbreaking achievement, the 29th Conference of the Parties (COP29) has established a historic $1.3 trillion climate finance goal to be achieved by 2035. This ambitious target includes a core finance goal of $300 billion specifically for developing countries, tripling the previous target of $100 billion
The United Nations Conference of Parties (COP) announced that COP29 successfully launched the fund for loss and damage, which will begin distributing funds in 2025. COP29 President, Mukhtar Babayev, hailed the achievement, stating, “The Baku Finance Goal represents the best possible deal we could reach. In a year of geopolitical fragmentation, people doubted that Azerbaijan could deliver. They doubted that everyone could agree. They were wrong on both counts.”
This landmark agreement demonstrates the commitment of rich nations to support developing countries in their efforts to combat climate change. The $1.3 trillion goal will be achieved through the collective efforts of developed countries, which are responsible for the majority of greenhouse gas emissions.
The COP29 conference, held in Baku, Azerbaijan, brought together nearly 200 countries to negotiate and agree on this historic climate finance goal. The agreement is a significant step towards achieving the goals of the Paris Agreement and mitigating the impacts of climate change.
As emphasized by UN Climate Change Executive Secretary Simon Stiell, “This new finance goal is an insurance policy for humanity… It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all.