Ulaanbaatar
COP29 UN Conference Agrees to Triple Climate Finance for Developing Countries
Politics
Ulaanbaatar, November 28, 2024 /MONTSAME/. President of Mongolia Khurelsukh Ukhnaa participated in the World Leaders Climate Action Summit held in Baku, the Republic of Azerbaijan, on November 12-13, 2024, during the 29th Conference of the Parties to the UN Framework Convention on Climate Change.
The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change, and the meetings of the two permanent subsidiary bodies of the Convention, were held concurrently in Baku on November 12-24, 2024.
The Closing Plenary of the 29th Conference of the Parties concluded on November 24, 2024, presenting and approving decisions on key issues. Notably, an agreement was reached to increase climate finance for developing countries and least developed countries to up to USD 300 billion annually.
The Parties have agreed to support efforts to gradually increase climate finance, with the participation of both the public and private sectors, to USD 1.3 trillion by 2035.
Secretary-General of the United Nations António Guterres noted, “This agreement was crucial for maintaining global warming under 1.5 degrees Celsius, but I had hoped for a more ambitious outcome, particularly regarding finance and resolving the loss and damage caused by climate change.”
Countries also agreed on a deal at the COP29 on the rules for a global market to buy and sell carbon credits.
