Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) Simon Stiell expressed gratitude to Azerbaijan for successfully achieving a complex climate finance goal, Report informs.
"It was a difficult journey, but we accomplished the task. This new financial goal is an insurance policy for humanity in the face of worsening climate impacts on every country," he said at the final plenary session of COP29 in Baku, adding that like any insurance policy, it only works if contributions are paid in full and on time.
According to him, this decision will help drive a boom in clean energy, helping all countries create jobs, achieve faster economic growth, and obtain cheaper and cleaner energy for everyone. It will help fund real protection measures for those on the frontlines of the climate crisis, especially the most vulnerable.
"COP29 has also reached a global agreement on carbon markets after almost a decade of intense work, during which several previous COPs failed to achieve this," he added.