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.”
More to follow…
Source of original article: United Nations (news.un.org). Photo credit: UN. The content of this article does not necessarily reflect the views or opinion of Global Diaspora News (www.globaldiasporanews.com).
To submit your press release: (https://www.globaldiasporanews.com/pr).
To advertise on Global Diaspora News: (www.globaldiasporanews.com/ads).
Sign up to Global Diaspora News newsletter (https://www.globaldiasporanews.com/newsletter/) to start receiving updates and opportunities directly in your email inbox for free.
