A new draft finance agreement presented at COP29 on Friday proposes that wealthy countries commit to providing USD 250 billion annually to support vulnerable nations in addressing the impacts of climate change and to accelerate the global transition to renewable energy.
The draft outcome text calls for the total climate financing goal to reach at least USD 1.3 trillion per year by 2035. In a post shared on X, COP29 stated, “As an initial reflection of party indications, the New Collective Quantified Goal decision urges all parties to work together to scale up financing for climate action in developing countries from all public and private sources, aiming for at least USD 1.3 trillion annually by 2035.”
The post further noted, “In response to submissions from developed countries, the draft includes a proposal to extend the previous goal of mobilizing USD 100 billion per year to USD 250 billion by 2035, with developed nations leading the way in supporting climate action in developing countries.”
The draft also highlighted that further engagement with parties is needed to reach a consensus on a few remaining, yet crucial, issues. “We will continue to work inclusively and transparently, pushing for the highest possible ambition in achieving our goals,” the document stated.
Meanwhile, United Nations Secretary-General Antonio Guterres emphasized the need for global unity at the ongoing COP29 summit to deliver climate justice. In a post on X, Guterres stated, “International cooperation—anchored in the #ParisAgreement—is vital for #ClimateAction. Despite geopolitical challenges, the world must come together at #COP29 to secure climate justice and move towards a fair and sustainable future for all.”
The 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) began on November 11 in Baku, Azerbaijan. Leaders from around the world, including representatives from India, gathered in Baku until November 22 for negotiations and discussions focused on tackling the climate crisis with urgency and ambition.
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