BAKU - 23 November. Azerbaijan, chairing the 29th United Nations Conference on Climate Change (COP29), has presented an updated version of its proposed agreement on climate finance, which envisages allocating at least $250 billion per year for climate action by 2035, according to a statement from the COP29 presidency.
Taking into account proposals from developed countries, the decision proposes to expand funding from the current $100 billion per year mobilised with developed country parties "to $250 billion per year by 2035 for developing country parties for climate action," the statement said.
The document also calls on all actors to "work together to enable developing country parties to increase climate finance from all public and private sources to at least $1.3 trillion per year by 2035".
The 29th United Nations Climate Change Conference takes place in Baku from 11 November. It was due to end on 22 November, although it will continue on Saturday as participants have not yet agreed on a new collective quantified goal (NCQG) for climate finance, a key expectation from the climate summit.
TASS / photo: COP29.az / gnews.cz-jav
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