Baku, Azerbaijan, where COP 29 will be held.

This year’s UN Climate Change Conference (COP 29) concluded in Baku, Azerbaijan, with a widely anticipated agreement on climate finance. 


November 24, Baku - Just after 3 a.m. local time on Sunday, in Baku, Azerbaijan, COP 29 concluded with a set of decisions including a widely anticipated agreement on climate finance. 

In the last hours of negotiations, concerted pressure from the most vulnerable developing countries resulted in an improved outcome on the finance target, with a decision to set a goal of at least USD 300 billion per year by 2035 for developing countries to advance their climate action. Nevertheless there was considerable and justified disappointment on the part of developing countries given the gap that remains with their identified financing needs for climate adaptation and mitigation.

"We recognize the COP 29 outcome on climate finance as an important step forward,” said Patricia Fuller, President and CEO of IISD. “The goal is still far from meeting the actual finance needs for effective climate mitigation and adaptation, but it represents meaningful progress in supporting developing countries in their climate action efforts”.

Read our statement

COP 29 closing plenary
Photo: IISD/ENB

 

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IISD's Earth Negotiations Bulletin Reporting On-Site

For over 30 years, Earth Negotiations Bulletin has provided authoritative, in-depth reporting on United Nations negotiations involving the environment and development. Our reporters will be covering each day of the talks in Baku, explaining what's happening and what it means for climate action.

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