After two weeks of rigorous discussions, world leaders at the 29th United Nations Climate Summit (COP29) in Baku, Azerbaijan, achieved a breakthrough agreement on the “Baku Finance Goal.”
Announced by COP29 President Mukhtar Babayev during Sunday’s closing plenary, the deal marks a significant milestone in global climate financing, aiming to bolster efforts toward combating climate change.
“The Baku Finance Goal represents the best possible deal we could reach. In a year of geopolitical fragmentation, people doubted that Azerbaijan could deliver. They doubted that everyone could agree. They were wrong on both counts,” Mr Babayev said.
This framework establishes a new global objective to mobilize $1.3 trillion in climate finance directed toward developing nations by 2035, representing a substantial increase in agreed funding to support climate adaptation and mitigation efforts.
The new finance package adopted also includes a fresh pledge by wealthy nations to provide $300 billion annually to poorer countries to help them address climate change challenges.
The new deal may seem impressive as it triples the previous $100 billion goal set in 2009. However, it did not meet the hopes of negotiators and delegates from the Global South, especially those from Africa and similar regions, with the Nigerian delegation describing it as an “insult.”