COP29: Azerbaijan proposes climate financing of at least $250 billion annually

On Friday, Azerbaijan's presidency presented the latest version of the proposed climate change agreement at the UN COP29 summit, amounting to at least $250 billion annually.

According to Report, citing the presidency, this refers to the annual climate financing starting from 2035.

Reflecting proposals from developed participating countries, it includes a decision to aim for joint mobilization of up to $250 billion by 2035 for climate action in developing countries, up from the current $100 billion annually, with developed countries taking the lead, the statement says.

It further notes that the decision on the New Collective Quantified Goal (NCQG) calls for all parties to work together to increase financing to developing countries for climate action from all public and private sources to at least $1.3 trillion annually by 2035, the statement indicates.

The decision to allocate $100 billion annually for climate change was established in 2009.

An extensive and inclusive consultation process took place until early morning, the statement says. It further notes that all groups were given the opportunity to respond to the previous package of proposals presented yesterday morning, Azerbaijan's presidency reported.

Taking into account opinions expressed during consultations and statements at yesterday's Kurultai, updated texts were published.

They form a balanced and optimized package for COP29, the statement says. The COP29 Presidency calls on Parties to carefully examine this text to pave the way for consensus on the few remaining options, they stated, expressing determination to continue working diligently to achieve "the most ambitious outcome" from all parties.