New Collective Quantified Goal On Climate Finance Adopted At COP29
Date
11/24/2024 7:10:24 AM
(MENAFN- AzerNews)
A new collective quantified goal for climate finance has been
approved at the closing plenary of the 29th session of the
Conference of the Parties (COP29) to the United Nations Framework
Convention on Climate Change in Baku, Azernews
reports.
The agreement specifies that developed nations will
collaboratively mobilize resources for climate initiatives in
developing countries, targeting an increase from the current $100
billion per year to a minimum of $300 billion by 2035.
The 2024 UN Climate Change conference (UNFCCC COP 29) was held
in Baku, Azerbaijan on November 11-22.
The event has gathered world leaders and negotiators from the
member states (or Parties) of the UN Framework Convention on
Climate Change (UNFCCC) to further global progress, with business
leaders, young people, climate scientists, Indigenous Peoples, and
civil society sharing insights and best practices to strengthen
global, collective and inclusive climate action.
Among the key priorities of COP 29 are securing a new goal on
climate finance, ensuring every country has the means to take much
stronger climate action, slashing greenhouse gas emissions and
building resilient communities.
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