UN chief urges full implementation of COP29 climate finance deal

UN Secretary-General António Guterres has called for the full implementation of the COP29 climate finance agreement.

“The COP29 agreement on finance must be implemented in full. The United Nations will help mobilize support for just energy transitions,” Caliber.Az quotes Guterres as saying during his address to the UN General Assembly on January 15.

Guterres also pledged to help drive the implementation of carbon pricing and the wind-down of fossil fuel subsidies. 

“And we will support the leadership of the COP29 and COP30 Presidencies to deliver a credible roadmap to mobilize $1.3 trillion a year as agreed, needed to support climate action in the developing world,” he added.

To recall, at the 29th United Nations Climate Change Conference (COP29) held in Baku, Azerbaijan, in November 2024, a significant agreement was reached to enhance climate finance for developing nations. Developed countries committed to increasing annual climate finance contributions from the previous goal of $100 billion to $300 billion by 2035.

Additionally, the conference set a broader target to mobilize $1.3 trillion per year by 2035 from both public and private sources to support climate initiatives in developing countries.

By Khagan Isayev