Wopke Hoekstra: Landmark decision on climate finance was made at COP29

A new era for climate finance was announced at COP29 with the historic decision to triple the hundred billion climate finance goal, Wopke Hoekstra, European Commissioner for Climate, Net Zero and Clean Growth, said at a press conference in Berlin, according to Report.

"Paris in my view continues to be more important than ever. It is the foundation on which all of our actions are being built. And today we have a clear goal as well - to keep the global temperature rise of 1.5 degrees within reach. And as you know, at COP28, we made a landmark decision to begin transitioning away from fossil fuel," he said adding that it was really a game changer in the fight against climate change.

"And then at COP29 we announced a new era for climate finance with the historic decision, not easy, but still historic decision to triple the hundred billion climate finance goal," he said.

According to him, COP30 is a chance and an opportunity to reaffirm the unwavering commitment to the full implementation of the Paris Agreement.

Building on the successes of COP28 and COP29, COP30 will, of course, be a moment when the world demonstrates its ambitious nationally determined contributions, he said, adding that the world has already managed to succeed in reducing global warming by more than one degree since Paris.

"I am convinced that if we manage to succeed, and if we see more, not less multilateralism at COP30, we will send a very strong signal to the real economy that the transition to a zero-emission world is not just possible, but actually the world is on the path to it," Vokstra noted.