COP29 reaches agreement on $250 billion annual climate finance target

COP29 has reached a significant agreement on climate finance, with a commitment to allocate $250 billion annually until 2035.

This decision was confirmed in a statement released by the COP29 chairmanship on November 22, Caliber.Az reports via local media.

The statement outlined that the COP29 Chairmanship had worked throughout the year to establish a fair and ambitious climate finance target, focusing on the needs and priorities of developing nations. An extensive and inclusive consultation process, which continued into the early hours of the morning, allowed all parties to contribute to the package of texts released the previous day. The chairmanship expressed gratitude for the constructive participation of all groups involved.

Following these consultations, updated texts were published, forming a balanced and optimized package for COP29. The Chairmanship urged parties to carefully examine these texts to pave the way for consensus on the remaining issues.

One of the key decisions made at the conference was the adoption of the New Collective Quantified Goal. This decision calls for a collective effort from all parties to increase climate finance for developing countries, with the goal of mobilizing at least $1.3 trillion annually by 2035 from both public and private sources.

Additionally, the decision reflects proposals from developed countries to increase climate finance from the current $100 billion per year to $250 billion by 2035. This increase is aimed at supporting climate initiatives in developing nations.

The COP29 Chairmanship emphasized the continued collaborative effort to finalize adjustments on several important outstanding issues, with the overarching goal of achieving the most ambitious outcomes possible in an inclusive and transparent manner.

By Vafa Guliyeva