COP29 participants approve $300 billion a year in climate finance
Participants of the UN Climate Summit COP29, held in Baku, set a new collective quantitative goal (NCQG), according to which the developed countries-participants will allocate $300 billion per year for climate finance for developing countries. This is reported on November 23 on the UN website.
"Rich countries pledged to contribute at least $300 billion a year to the global fight against climate change when the UN climate talks came to a controversial conclusion <...> in Baku," the international organization said.
Developing countries, meanwhile, had asked for the target to be set at more than $1 trillion, and the amount agreed does not give them the vital resources they need to truly tackle climate challenges.
The previous NCQG is $100 billion per year and expires in 2025.
Earlier, on November 13, UN Secretary General António Guterres on the margins of COP29 called 2024 the hottest year in history and drew attention to the fact that the world is facing various weather disasters, and therefore countries must cooperate to fight climate change. In particular, nations must work together to care for vulnerable populations, protect workers, use science and information to increase their resilience, and limit global temperature increases to 1.5 degrees Celsius.
November 12, on the sidelines of COP29, President of Belarus Alexander Lukashenko noted that the countries are ineffectively fighting climate change, and the situation is getting worse. The head of state pointed out that the countries that used to be very concerned about climate issues, such as the U.S. and France, were not present in Baku. The President of Belarus is sure that the consequences of mistakes in climate policy will catch up with all countries one day.
The UN Conference on Climate Change, or Climate Summit, is held annually. It is attended by countries - parties to the UN Framework Convention on Climate Change. COP29 was supposed to be held in Baku from November 11 to 22, but was extended by 24 hours.
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