COP29 Draft Proposes $250 Billion Climate Finance Commitment

The COP29 summit in Baku unveiled a draft proposal urging wealthy nations to allocate $250 billion annually to help vulnerable countries combat climate change and advance renewable energy adoption. The draft also sets a broader target of $1.3 trillion in climate finance by 2035.

Key Highlights of the Draft Proposal

1. Climate Financing Target:
The draft calls for scaling up global climate financing from both public and private sources to $1.3 trillion annually by 2035.

2. Support for Developing Nations:
Developed countries are urged to lead efforts by contributing $250 billion per year by 2035 to support developing nations in tackling climate challenges.

3. Focus on Transparency and Collaboration:
The draft emphasizes the importance of inclusive and transparent negotiations to finalize the proposal, with parties urged to aim for the highest level of ambition.

Global Leaders Unite for Climate Justice

United Nations Secretary-General Antonio Guterres highlighted the importance of international cooperation during COP29, emphasizing the urgency of climate justice.

Sharing his thoughts on X, Guterres stated:
“International cooperation – centred on the #ParisAgreement – is indispensable to #ClimateAction. Amidst geopolitical divisions, the world needs countries to come together at #COP29 to deliver climate justice and secure a decent future for humanity.”

COP29: A Global Call to Action

The 29th Conference of the Parties (COP29) began on November 11 in Baku, Azerbaijan, with leaders from around the world convening to address the pressing climate crisis. The summit, which concludes on November 22, focuses on fostering global collaboration and delivering concrete solutions for a sustainable future.

The draft proposal, if adopted, could mark a significant step forward in addressing the climate crisis and ensuring a fairer distribution of resources to combat its effects globally.