On November 25, 2024, IENE sent to its members a special News Flash on the outcome of this year’s UN Climate Change Conference, which took place in the capital of Azerbaijan, Baku (11–22 November 2024).
As this latest IENE News Flash (No 32 – click here for the full issue) informs, COP 29’s conclusions include a breakthrough agreement that will, among others, triple public finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion annually by 2035.
Known formally as the New Collective Quantified on Climate Finance (NCQG), it was agreed after two weeks of intensive negotiations and several years of preparatory work, in a process that requires all nations to unanimously agree on every word of the agreement.
“This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country,” said Simon Stiell, Executive Secretary of UN Climate Change. “But like any insurance policy – it only works – if premiums are paid in full, and on time. Promises must be kept, to protect billions of lives”. “It will keep the clean energy boom growing, helping all countries to share in its huge benefits: more jobs, stronger growth, cheaper and cleaner energy for all”.
The progress made on carbon markets, another notable achievement of CO29, is also described in detail in this IENE News Flash, as well as developments on transparent climate reporting, matters relating to the least developed countries (LDCs), and civil society participation and children and youth engagement in climate action. One can also find the COP29 Closing Statement by the UN Secretary General, Mr. Antonio Guterres.
