COP29 Presidency pushes for $1.3 trillion climate finance goal at World Governments Summit

The COP29 Presidency has participated in the World Governments Summit (WGS25) in Dubai to discuss mobilising $1.3 trillion in climate finance.

“The COP29 Presidency is delighted to be attending World Governments Summit in Dubai, joining global leaders and governments to call on close cooperation from all stakeholders to deliver the COP29 Baku Finance Goal and mobilise the $1.3 trillion required,” the Presidency wrote on X, Caliber.Az reports.

To recall, at the 29th United Nations Climate Change Conference (COP29), held in Baku, Azerbaijan, in November 2024, a landmark agreement was reached to scale up climate finance for developing nations. Developed countries pledged to raise their annual climate finance contributions from the previous target of $100 billion to $300 billion by 2035.

Additionally, the conference set a broader goal of mobilizing $1.3 trillion annually by 2035 from both public and private sources to support climate initiatives in developing countries.

The World Governments Summit 2025 is taking place in Dubai, United Arab Emirates, from February 11 to 13, 2025, under the theme "Shaping Future Governments." This summit aims to bring together governments, international organizations, thought leaders, and private sector executives to foster international cooperation and identify innovative solutions for future challenges.

By Khagan Isayev