At COP29, a new target for climate financing was finally set
Baku, November 24 (Hibya) - At the UN Climate Summit COP29 in Baku, Azerbaijan, a new target was adopted after tough negotiations to determine how much money developing countries need for their climate efforts.
This amount needs to increase to at least $300 billion annually by 2035, which is three times the current level.
According to the agreement reached, wealthy countries, which form a small circle within the UN system, must take the lead in mobilizing public and private resources.
For this reason, the announced goal for EU countries is to expand this circle. The agreement also encourages developing countries to contribute to achieving the target.
However, the text emphasizes that nothing in the agreement changes the current status of countries, meaning that wealthy countries like China and Saudi Arabia are not obliged to make payments.
This could potentially mean that developing countries may have to pay more.
The agreement calls on all countries to cooperate to increase total climate financing to at least $1.3 trillion and requires a roadmap to be prepared to achieve this goal.
This amount aligns with the demands of developing countries and is stated in a report prepared by a UN expert group during the summit.
Albania News Agency
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