At the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), held in Baku, the foundations of the future we will build were laid.
Oku.Az This was stated by Inger Andersen, executive director of the United Nations Environment Program (UNEP), in a written statement published in Baku on the results of COP29.
He noted that the UN should achieve more transparent and inclusive financing in the fight against climate change, especially in developing countries.
“The era of the climate crisis has arrived. An agreement was reached at COP29. If no action is taken, climate change will intensify. The foundations have been laid on which we will build at COP29. The United Nations Climate Change Program Environment will continue to work with all stakeholders to ensure that funding is delivered in the most effective way on the ground and ensure maximum distribution to the communities most in need,” emphasized I. Andersen.
It should be noted that at the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), a consensus was reached on the creation of a new climate finance criterion called “Baku Finance Target “.
A key part of this agreement is a commitment by developed countries to allocate at least $300 billion a year to climate projects for developing nations until 2035. This is three times the previous goal of $100 billion.
