The 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change will be remembered as the beginning of a new era in climate finance, European Commissioner for Climate Action Wopke Hoekstra said at the closing plenary of COP29, the Meeting of the Parties to the Kyoto Protocol (CMP19), and the Meeting of the Parties to the Paris Agreement (CMA6), Report informs.
Hoekstra noted that the world is currently going through an extremely difficult geopolitical period, and it would be wrong to be overly optimistic about the situation improving during such times: "Reaching a final agreement at such a moment is a great achievement. We all worked hard to provide more funding. We tripled the $100 billion target. This is a more realistic goal. We also accept increasing financing in the future. We worked hard to support countries more vulnerable to climate change, and their access to finance will be ensured."