COP29 concludes with climate finance deal
The UN climate conference in Baku, Azerbaijan, concluded on 24 November with an agreement calling on developed countries to deliver at least $300 billion per year to developing countries by 2035 to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change. “I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face,” UN Secretary-General António Guterres said in his statement on COP29. “But this agreement provides a base on which to build.”
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“Step-up, pick-up the pace, and deliver”
Speaking to the press on the final days of COP29, UN Secretary-General António Guterres urged negotiators to find a compromise and deliver an ambitious and balanced package on all pending issues, including a new ambitious climate finance goal. “The need is urgent. The rewards are great. The time is short,” he said.
COP29, this year’s UN Climate Conference, is labelled the “finance COP” because delegates are expected to sign off on a new funding target for developed countries to support developing countries in cutting greenhouse gas emissions and deal with the worsening impacts of climate change.
Halfway through the conference, listen to our podcast
Why global cooperation matters
The UN Secretary-General’s Special Adviser on Climate Action, Selwin Hart, explains why we need all countries to continue to work together to solve the challenges of the climate crisis, and how global frameworks like the UN Climate Conferences give voice to the powerless and help advance ambition and action.
Setting a new climate finance goal
Finance will be front and centre at COP29. Developing countries urgently need support to accelerate the transition to clean energy and deal with the impacts of climate change. COP29 aims to set a new finance goal that unlocks the trillions of dollars they need, and provides confidence it will be delivered. The price of inaction is far greater.
“Humanity’s torching the planet and paying the price,” said UN Secretary-General Antonio Guterres as the World Meteorological Organization and partners issued a red alert at the pace of global warming. This year, we’ve suffered the hottest day, and the hottest seas, in the history books. Fifteen of the past sixteen months have broken temperature records.
that the UN Secretary-General described as "turbocharging the Sustainable Development Goals and the Paris Agreement, accelerating a just transition away from fossil fuels, and securing a peaceful and livable future for everyone on our planet."
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