The 29th UN Climate Change Conference (COP29), held in Baku, Azerbaijan, concluded with a significant agreement aimed at enhancing global climate finance efforts. Delegates from nearly 200 nations reached a consensus to increase annual climate finance for developing countries to $300 billion by 2035.
This New Collective Quantified Goal on Climate Finance (NCQG) builds upon the previous 2009 commitment of $100 billion per year, which faced criticism for its inadequate delivery and inconsistent allocation of funds.