COP 29 fixed a target to raise $300 billion annually by 2035.
During COP 29 in Baku, nations agreed to a $300 billion annual global financing target to assist developing countries in addressing the effects of climate change.
India objected to the agreement, saying it was insufficient for developing countries.
Developing nations opposed the agreement’s adoption procedure. They were also against the agreed upon sum.
The main objective of COP 29 was to bring together almost 200 nations in Baku and come to a historic agreement that would increase public funding for poor nations by thrice, from the initial target of $100 billion per year to $300 billion per year by 2035.
Countries will coordinate efforts from all stakeholders to increase public and private funding for developing nations to $1.5 trillion annually by 2035.
The COP29 agreement stipulates that progress will be assessed on a regular basis, with a decision review in 2030 and important reports in 2026 and 2027.
The true test of progress will be the national climate plans that are due in 2025.
Furthermore, by 2035, the UK wants to cut emissions by 81% from 1990 levels.
A deal on government-to-government carbon markets was reached at COP29.
The next Conference of Parties (COP) to UNFCCC, COP30, will be organized in Belem, Brazil, in November 2025.
