After two weeks of intense negotiations, delegates at COP29, formally the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), agreed to provide this funding annually, with an overall climate financing target to reach “at least $1.3 trillion by 2035”.
Countries also agreed on the rules for a UN-backed global carbon market. This market will facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects.
‘A more ambitious outcome’
Reacting to the outcome, UN Secretary-General António Guterres said that while an agreement at COP29 was absolutely essential to keep the 1.5-degree limit alive, “I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face.”
But, he continued, this agreement provides a base on which to build and added: It must be honoured in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met.”
From the World Wildlife Fund, now representing itself as Panda (founded by eugenicists Prince Philip and Prince Bernhard and is a globalist cutout):
At the last minute, a roadmap to scale up finance towards $1.3 trillion for developing countries was added to the text, but this gives little reason to be confident that this level of finance will be delivered. The incoming Brazilian presidency will need engagement from all parties to manage this roadmap process towards a meaningful outcome by COP30 in Belem to ensure substantial amounts of finance are mobilised.
