The Impressive TimesBaku, November 24- The 29th UN Climate Change Conference (COP29) concluded in Baku, Azerbaijan, with a landmark agreement to significantly increase public finance for developing nations to combat climate-related challenges. The conference, which extended negotiations by two days, witnessed nearly 200 countries agreeing to triple annual public climate finance from $100 billion to $300 billion by 2035.
This agreement addresses the pressing demand for a New Collective Quantified Goal on Climate Finance (NCQG), targeting a total of $1.3 trillion annually, including $600 billion in grants. While the final resolution fell short of satisfying all parties’ expectations, it marks a crucial step in global climate action. UN Climate Change Executive Secretary Simon Stiell called the agreement a pivotal “insurance policy for humanity” as nations confront intensifying climate impacts. “Promises must be kept to protect billions of lives. This new goal will not only mitigate risks but also accelerate the clean energy transition, fostering economic growth, creating jobs, and ensuring access to cheaper and cleaner energy worldwide,” Stiell emphasized.
The International Energy Agency estimates that global clean energy investments will exceed $2 trillion for the first time in 2024, demonstrating the potential benefits of enhanced climate finance. The new financial target builds on milestones achieved at previous climate summits, including the establishment of a Loss and Damage Fund at COP27 and commitments at COP28 to phase out fossil fuels, triple renewable energy capacity, and bolster climate resilience.
Significant progress was also made at COP29 in finalizing agreements on carbon markets, a long-standing issue that had eluded resolution at earlier summits. These advancements are expected to help nations accelerate their climate commitments and achieve the goal of halving global emissions by 2030, as outlined by scientific consensus.
While acknowledging the progress made, Stiell highlighted the substantial work that remains. “No country got everything they wanted, and we leave Baku with a mountain of work to do,” he remarked, urging collective efforts to address unresolved issues in the coming year. The agreement arrives at a critical juncture, as nations prepare to submit updated Nationally Determined Contributions (NDCs) next year. These climate plans will encompass all greenhouse gases and sectors to maintain the global warming threshold of 1.5°C.
Notably, two G20 countries, the United Kingdom and Brazil, announced their intentions to enhance climate action in their NDCs, recognizing the alignment of these measures with their economic interests.
The outcomes of COP29 underline the global community’s commitment to combating climate change while signaling the challenges that lie ahead in ensuring timely and effective action.
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