COP29 Climate Conference Delivers Landmark Deal Amidst Climate Crunch Time
Oru Leonard
The COP29 climate conference has concluded with a hard-fought deal, marking a significant milestone in the global fight against climate change. According to UNEP Executive Director Inger Andersen, this deal provides a crucial foundation for future action, but emphasized that ambition and promises must be backed by tangible action and delivery.
The conference, which took place in Baku, Azerbaijan, brought together nearly 200 countries to address the pressing issue of climate finance. The outcome of the conference includes a new finance goal to help developing countries protect their people and economies against climate disasters ¹.
Key Outcomes of COP29:
– Tripled Finance Goal: The conference agreed to triple finance to developing countries, from $100 billion to $300 billion annually by 2035.
– Scaled-Up Finance: Efforts will be made to secure $1.3 trillion per year by 2035 from public and private sources.
– New Collective Quantified Goal on Climate Finance (NCQG): The agreement marks a significant breakthrough in climate finance, with all nations unanimously agreeing on every word of the agreement.
As the world looks to the next steps in addressing climate change, Andersen emphasized the importance of transparent, inclusive progress on finance, mitigation, and adaptation. The UN Environment Programme will continue to work with all parties and stakeholders to ensure that climate finance is mobilized effectively, with maximum impact on the ground for communities that need it most.
With the NDC 3.0 February deadline looming, all eyes are now on member states to stretch their ambition and ensure that the 1.5°C promise is kept. The G20 must lead the way, and quickly, to achieve concerted action and live up to commitments.
