COP29 finance deal: UN calls $300 billion a "starting point, not a ceiling"

The global climate finance target agreed at COP29 in Baku marks a critical step towards addressing the financial needs of developing nations, said UN Climate Change Executive Secretary Simon Stiell. Speaking at Brazil’s Rio Branco Institute in Brasília, Stiell highlighted that the $300 billion commitment is merely a starting point.

“This is not a ‘ceiling’—it is the minimum,” he stressed, underlining the urgent need for increased financial support to nations burdened by high debt and capital costs, Caliber.Az reports via local media.

Stiell pointed to the long-standing commitment made at COP21 in Paris to align global financial flows with climate goals. “Redirecting the international financial system is a complex challenge,” he said. “But at COP29, we have now set a clear target to work towards securing $1.3 trillion in funding.”

Reflecting on progress, he noted that global investment in renewable energy reached $2 trillion last year, yet many countries still struggle to access the necessary funds for large-scale climate action.

He emphasized that the newly established Baku-Belém roadmap provides a pathway to mobilizing the pledged $1.3 trillion, enabling all nations to achieve their climate ambitions.

The new finance goal is expected to play a vital role in accelerating global efforts to combat climate change, particularly for vulnerable nations in urgent need of resources.

To recall, COP29, held at Baku Stadium from November 11 to 22, marked Azerbaijan’s most significant international event to date and the country’s first time hosting a COP summit. The conference commenced with the signing of the Host Country Agreement and other key documents between the Azerbaijani government and the UN Framework Convention on Climate Change (UNFCCC) Secretariat.

A key priority of the summit was the establishment of a New Collective Quantitative Goal (NCQG) for climate finance. To support this objective, the COP29 presidency introduced 14 key initiatives aligning climate action with the United Nations Sustainable Development Goals (SDGs).

These covered areas such as green energy corridors, energy storage, climate resilience, clean hydrogen, methane reduction from organic waste, and the promotion of green digital technologies. One of the major proposals was the creation of a Climate Finance Action Fund to help limit global warming to 1.5°C.

Throughout the summit, Azerbaijan reaffirmed its commitment to climate action and environmental protection. The unanimous selection of the country as host reflected the international community’s confidence in its leadership on climate issues.

In his opening remarks, President Ilham Aliyev highlighted Azerbaijan’s central role in global climate efforts, emphasizing its dedication to addressing climate change and promoting sustainable development.

By Aghakazim Guliyev