A new initiative, the "Baku Financing Target", was agreed upon at the UN climate conference COP29 in the Azerbaijani capital.
This initiative provides for the annual allocation of $1.3 trillion in climate financing to developing countries.
The success in achieving the key goal of the UN climate summit, put forward by the COP29 presidency, marked a significant increase compared to the previous target of $100 billion and will open a new wave of global investment.
The "Baku Target" includes a target for developed countries to mobilize $300 billion annually for developing countries by 2035, which is $50 billion more than envisaged in the previous draft of the document. The focus is on supporting the least developed and small island countries.
The conference also agreed on Article 6, which deals with carbon markets. Financial flows from the relevant carbon markets could reach $1 trillion per year by 2050, and reduce the cost of implementing national climate projects by $250 billion per year.
Together, the Baku Financing Goal and Article 6 will change the architecture of global climate finance, directing investments to the developing world.
It should be added that the achievements of the UN conference were made possible by the intensive diplomacy carried out by the Azerbaijani presidency in addressing complex and controversial issues in the field of climate cooperation.
In addition, these objectives will be an important step towards achieving the goal of limiting global warming to 1.5 degrees.
