COP29: Mobilising USD 300 billion annually until 2035 for climate action by developing countries
The 29th UN Climate Change Conference (COP29) was held from 11 to 22 November 2024 in Baku. Under the presidency of Azerbaijan, the COP29 summit brought parties together to accelerate action towards the Paris Agreement’s 1.5°C target and the UN Framework Convention on Climate Change.
COP29 has ended with the adoption of a new collective quantified target (NCQG) for climate finance. Under the leadership of the European Commission and the EU Member States, it was possible to expand the global contributor base for climate finance. The NCQG provides for more countries to contribute finance, reflecting their growing emissions and economic weight.
The agreement also strengthens the role of multilateral development banks and maximises the leverage of public funds by mobilising significant private finance. The parties agreed that the combined financing from all these sources should reach at least USD 1.3 trillion per year by 2035.
As part of this broader goal, developed countries commit to take the lead in mobilising USD 300 billion per year by 2035 for climate action by developing countries. This core target can be achieved through a wide range of sources, including finance mobilised by multilateral banks and, for the first time, contributions from other countries. A key requirement of the EU was that other countries contribute their fair share to the provision and mobilisation of finance according to their financial capacity.
There is no allocated share of this contribution for the EU or the Member States. It is up to the governments of the Member States and the EU to decide how these goals are to be achieved via the national budgets and the EU’s Multiannual Financial Framework (MFF).
Further information regarding COP29 can be found here.
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