COP29 sets new climate finance goal

A new collective quantified goal on climate finance was proposed at COP29 in Baku.

"Throughout the year, the COP29 Presidency has been pushing for a fair and ambitious new climate finance goal, taking into account the needs and priorities of developing country Parties...Taking into account the views expressed during the consultations, and what we heard from Parties, we have now published updated texts...These texts form a balanced and streamlined package for COP29," the statement reads.

The New Collective Quantified Goal decision contains a call on all Parties to work together to scale up financing to developing countries for climate action from all public and private sources to at least $1.3 trillion per year by 2035.

"Further, reflecting the submission of developed country parties, it includes a decision to set a goal in extension of the goal of jointly mobilizing $100 billion per year, with developed country Parties taking the lead, to $250 billion by 2035 for developing country Parties for climate action," the statement reads.

The need to further engage with Parties to collectively agree final adjustments to the few outstanding yet important issues was stressed. They will continue to work hard, inclusively and transparently, to press all sides for the highest ambition outcome possible.