At the UN climate conference COP29 in Baku, the final version of the New Collective Quantitative Goal (NCQG) for climate finance was approved, providing for the allocation of at least $300 billion per year until 2035, which is three times higher than the previous goal of $100 billion, set earlier, Interfax reports.

The second part of the final plenary session of COP29 ended late on Sunday night.

In addition, the participating countries agreed to create a new climate finance target – the Baku Finance Goal. This mechanism provides for the mobilization of $1.3 trillion annually for the development of climate projects in developing countries until 2035.

 «Financing was the number one priority. Developing countries, mired in debt, plagued by natural disasters and left behind in the renewable energy revolution, are in desperate need of funds», said UN Secretary-General António Guterres, commenting on the results of COP29. According to him, this agreement at COP29 was necessary to keep global warming at 1.5 degrees. 

«I had hoped for a more ambitious outcome – both in terms of financing and mitigation – to address the serious challenge we face. But this agreement provides a foundation for further development», the UN Secretary-General added. 

COP29 President, Minister of Ecology and Natural Resources of Azerbaijan Mukhtar Babayev, in turn, said that the COP29 presidency will continue its work throughout the year, supporting Brazil's future presidency of COP30. 

«We will encourage all countries to submit their new Nationally Determined Contributions (NDCs) by February next year», he said. 

European Commissioner for Climate Action Wopke Hoekstra told reporters that the world is currently going through an extremely difficult geopolitical period, and at such a time, reaching a final agreement on climate finance is a huge achievement.

«We have all worked hard to secure more financing. The $300 billion target is more realistic. We have also committed to increasing financing in the future. We have worked hard to support the countries most vulnerable to climate change, and their access to financing will be ensured», Hoekstra said. 

Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) Simon Steele believes that the decision taken in Baku will contribute to growth in the field of green energy.

«It will help finance real measures to protect those on the front lines of the climate crisis, especially the most vulnerable. COP29 also reached a global agreement on carbon markets after almost a decade of hard work, during which several previous COPs failed to achieve this», he added.