COP29 concludes with $300b climate finance deal

The COP29 climate summit concluded on Saturday, adopting a New Collective Quantified Goal (NCQG) on climate finance, and setting annual funding at $300 billion by 2035 to support developing nations in combating climate change.

COP29 Chairman Muxtar Babayev announced the decision during the final plenary session in Baku, following extended negotiations.

The agreement, led by developed nations, aims to address global climate challenges through financial support for developing countries.

Disagreements over funding contributions and allocation had prolonged the summit, originally set to end on November 22.

The NCQG approval was the summit’s most anticipated outcome, marking a significant step towards global climate action.

Attribution: TASS

Subediting: M. S. Salama