Egypt Daily News – The Presidency of the Twenty-Ninth Conference of the Parties (COP29) in Azerbaijan announced, on Sunday, the reaching of the “Baku Financial Target” agreement.
The Baku Financial Target is a new global commitment to direct $1.3 trillion worth of climate finance to the developing world annually.
Success in achieving the “Baku Financial Target” represented a priority for the Presidency of the 29th Conference of the Parties of the United Nations Climate Summit and a significant rise from the previous climate finance target of $100 billion, which would open the door to a new wave of global investment.
The “Baku Financial Goal” includes a basic goal for developed countries to take the lead in providing at least $300 billion annually to developing countries by 2035.
This goal pays particular attention to supporting least developed countries and small island developing States, with provisions relating to accessibility and transparency.
Baku’s financial target is the centerpiece of a set of agreements that achieve progress on all climate pillars, and the achievements represent a critical step in establishing the means necessary to provide a path to the 1.5 degree Celsius target.
