The 29th Conference of Parties to the United Nations Framework Convention on Climate Change (UNFCCC) ended on November 24 in Baku, Azerbaijan.
New Collective Quantified Goal on Climate Finance
- The conference agreed to triple public finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion annually by 2035. It is a New Collective Quantified Goal on Climate Finance.
- India strongly objected to the new climate finance deal agreed at the United Nations COP29 summit on November 24, 2024, but their objection was raised after the deal was formally adopted by consensus.
- Developed countries made a final offer of $300 billion annually by 2035 to help developing countries tackle climate change. The $300 billion figure, however, is a far cry from the $1.3 trillion the Global South has been demanding in the three years of talks.
- The new amount will replace the $100 billion figure pledged in 2009.
Baku to Belem Roadmap
- The COP29 declaration also called on all actors to work toward scaling up financing to at least $1.3 trillion to developing countries from all public and private sources.
- The COP Presidencies will lead the “Baku to Belém Roadmap to 1.3T” to make progress towards that aim.
