The COP29 UN Climate Change Conference, held in Baku concluded with a landmark agreement to increase public climate finance for developing countries to $300 billion annually by 2035
The COP29 UN Climate Change Conference, held in Baku, Azerbaijan, concluded with a landmark agreement to increase public climate finance for developing countries to $300 billion annually by 2035. This forms part of a broader goal to scale up public and private funding to $1.3 trillion per year by the same date, under the New Collective Quantified Goal on Climate Finance (NCQG).
Simon Stiell, UN Climate Change Executive Secretary, emphasized the significance of the deal: “This agreement is an insurance policy for humanity amid worsening climate impacts.” He called for commitments to be met promptly to protect lives and support the global transition to clean energy.
Key Outcomes
Carbon Markets: After years of negotiation, rules were finalized for carbon trading under the Paris Agreement, ensuring transparency, environmental integrity, and protections for Indigenous Peoples.
Transparency: Enhanced climate reporting advanced significantly, with new tools supporting the submission of Biennial Transparency Reports (BTRs).
Adaptation: A roadmap was adopted to accelerate National Adaptation Plans (NAPs), alongside initiatives to strengthen the role of Indigenous Peoples and local communities.
Gender Equality: The Lima Work Programme on Gender and Climate Change was extended for 10 years, with a new gender action plan set for COP30.
Civil Society Participation: COP29 saw record attendance and meaningful engagement from children, youth, and marginalized communities.
While progress was celebrated, Stiell acknowledged unmet expectations and underscored the need for intensified efforts leading to COP30 in Brazil. The outcomes signal a step forward in achieving the goals of the Paris Agreement and addressing the climate crisis collaboratively.
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