COP29 approves new collective climate goal

COP29 adopted over 20 decisions to implement the UN Framework Convention on Climate Change, the Kyoto Protocol, and the Paris Agreement, resulting in a balanced package of outcomes named the Baku Climate Solidarity Pact.

Agreements were reached on the climate finance targets and related arrangements for the post-2025 period. They include a target of at least US$300 billion annually from developed countries by 2035 and a climate financing goal of at least US$1.3 trillion per year to support climate actions in developing countries.This marks a critical step in putting in place the means to deliver a pathway to 1.5C. This is reported by CGTN, a partner of TV BRICS.

Success in achieving the key UN climate summit target marks a significant increase on the previous US$100 billion goal and will usher in a new wave of global investment.

For his part, COP29 President Mukhtar Babayev, Azerbaijan's Minister of Ecology and Natural Resources, said the COP29 Presidency will continue its work throughout the year, supporting Brazil's future presidency at COP30. "The Baku Finance Goal represents the best possible deal we could reach [...]. We have forever changed the global financial architecture and taken a significant step towards delivering the means to deliver a pathway to 1.5C," he said.

In addition, for the first time since 2015, Article 6 of the Paris Agreement was fully operationalised at COP29. Reaching agreement on this issue has been a top priority of the COP29 Presidency. Recall, Under Article 6, countries can transfer carbon credits generated by reducing greenhouse gas emissions to help one or more countries meet their climate goals.