UN Climate Change Executive Secretary Simon Stiell highlighted that the new finance goal agreed at the UN Climate Conference in Baku is an insurance policy for humanity.
“This deal will keep the clean energy boom growing and protect billions of lives. It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. But like any insurance policy – it only works – if the premiums are paid in full, and on time.”
He acknowledged that no country got everything they wanted, and that the world leaves Baku with a mountain of work to do. “So this is no time for victory laps. We need to set our sights and redouble our efforts on the road to Belém.”
The UN Climate Change Conference (COP29) closed today with a new finance goal to help countries to protect their people and economies against climate disasters, and share in the vast benefits of the clean energy boom. With a central focus on climate finance, COP29 brought together nearly 200 countries in Baku, Azerbaijan, and reached a breakthrough agreement that will:
- Triple finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion annually by 2035.
- Secure efforts of all actors to work together to scale up finance to developing countries, from public and private sources, to the amount of USD 1.3 trillion per year by 2035.
Known formally as the New Collective Quantified Goal on Climate Finance (NCQG), it was agreed after two weeks of intensive negotiations and several years of preparatory work, in a process that requires all nations to unanimously agree on every word of the agreement.
You can find the advance unedited versions of the decisions taken at the Baku UN Climate Change Conference here.
The COP29 closing plenary is expected to resume at 00:30h AZT/GMT+4.
UN Climate Change Executive Secretary Simon Stiell will deliver closing remarks.
