COP29 strives for ambitious goals, climate finance target in ongoing review Lead Negotiator says

The proposed climate finance target of $250 billion at COP29 is still under review, the summit's Lead Negotiator, Yalchin Rafiyev, said.

Speaking to reporters, Rafiyev clarified that the $250 billion, which has been suggested by developed countries, is part of a draft proposal that is currently being discussed, Caliber.Az reports.

"We published a package of draft decisions today, which includes the $250 billion target proposed by developed nations," Rafiyev explained.

"However, this is still a draft and under review. Negotiations are ongoing, and the final decisions will be made in collaboration with the participating countries."

Rafiyev emphasized that efforts will continue to finalize details on outstanding issues, with a goal of making COP29 the most ambitious climate summit ever held.

"We are pushing all parties to achieve significant progress and set an ambitious agenda," he said, noting that consultations are ongoing to resolve any remaining challenges.

In addition to climate finance, Rafiyev highlighted that COP29, being hosted in Azerbaijan, is expected to deliver a balanced package of outcomes, including crucial results related to climate change mitigation. "We hope that meaningful progress can be made during this summit, and we are committed to achieving tangible results," he added.

By Vafa Guliyeva