COP29: $300 billion per year to finance climate adaptation in developing countries

The countries meeting in Baku, within the framework of COP29, approved, during the night from Saturday to Sunday, a final agreement which provides “at least” 300 billion dollars per year in climate financing for developing countries.

After two weeks of negotiations and two nightly extensions, developed countries have committed to increasing their financial commitment to developing countries by $100 billion per year, to confront climate change and support their transition efforts towards climate change. carbon neutrality.

Developing countries, however, demanded funding of $1.3 trillion per year.

The new quantified collective objective (NCQG), adopted at COP29 in Baku, “is an insurance policy for humanity” in the face of the impacts of climate change, commented the head of the UN Climate, Simon Stiell, on Sunday.

“No country got everything it wanted, and we leave Baku with a mountain of work to do,” he said in a statement.

Furthermore, COP29, which began on November 11, allowed the adoption of several initiatives and declarations, notably on water, tourism and the reduction of methane from organic waste.