At COP29 in Baku, a foundation was laid for future development, said Inger Andersen, Executive Director of the UN Environment Programme (UNEP), following the climate conference in the Azerbaijani capital, Report informs.
Inger Andersen noted that the UN must pursue more transparent and inclusive climate finance, especially in developing countries.
"The time of climate crisis has come. An agreement was reached during COP29. This comes at a time when science tells us that without action, climate consequences will only intensify. COP29 laid the foundation on which we will build.
The UN Environment Programme will continue working with all stakeholders to ensure funding distribution in the most effective way with maximum impact on the ground for communities that need it most," emphasized the Program Director.
At COP29, after negotiations lasting until late night, a breakthrough consensus was reached on creating a new climate finance benchmark - the Baku Finance Goal.
The mechanism envisions mobilizing $1.3 trillion annually for climate projects in developing countries by 2035.
The central part of the new goal is the commitment of developed countries to allocate at least $300 billion annually for climate projects in developing countries. This is three times higher than the previous goal of $100 billion established earlier.