24 November 2024, Carbon Brief: COP29: Key outcomes agreed at the UN climate talks in Baku. Developed nations have agreed to help channel “at least” $300bn a year into developing countries by 2035 to support their efforts to deal with climate change. However, the new climate-finance goal – agreed along with a range of other issues at the COP29 summit in Baku, Azerbaijan – has left developing countries bitterly disappointed.
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They were united in calling for developed countries to raise $1.3tn a year in climate finance. In the end, negotiators agreed on a looser call to raise $1.3tn each year from a wide range of sources, including private investment, by 2035. Some countries, including India and Nigeria, accused the COP29 presidency of pushing the deal through without their proper consent, following chaotic last-minute negotiations. Countries failed to reach an agreement on how the outcomes of last year’s “global stocktake”, including a key pledge to transition away from fossil fuels, should be taken forward – instead shunting the decision to COP30 next year in Brazil. They did manage to find agreement on the remaining sections of Article 6 on carbon markets, meaning all elements of the Paris Agreement have been finalised nearly 10 years after it was signed. Negotiations were overshadowed by the reelection of Donald Trump, who has promised to roll back climate action and take the world’s biggest historical emitter out of the Paris Agreement once again. Read more here: