COP29 participants approve $300 billion in annual climate change funding – Business and Economics

BAKU, November 24. /TASS/. Countries participating in the COP-29 climate summit approved the New Collective Quantitative Goal (NCQG) for climate finance in the amount of $300 billion per year, COP29 Chairman Mukhtar Babayev said at the final plenary meeting.

“It was decided to set, under the leadership of developed participating countries, a goal of $300 billion annually by 2035 to support developing countries in their actions to combat climate change,” Babayev said.

The decision was made after long and difficult negotiations. COP29 in Baku, which was supposed to end on November 22, was extended by more than a day, and the decision to approve the NCQG was the main expectation from the summit. The main point of disagreement among participants was the issue of countries and the amount of funding that will be allocated for climate finance.