ROME (ITALPRESS) – Agreement was reached in Baku at the Cop29 meeting on the Baku Finance Goal (BFG), a new commitment to channel $1.3 trillion in climate finance to developing countries each year. The Baku Finance Goal contains a key goal for developed countries to take the lead in mobilizing at least $300 billion annually for developing countries by 2035. This represents a 50 billion increase over the previous draft text and is the product of 48 hours of intense diplomacy by the Cop29 chair. It pays particular attention to supporting the least developed countries and small island developing states, with provisions on accessibility and transparency. According to the Cop29 chair, the Baku Finance Goal is the centerpiece of a package of agreements to ensure progress across all climate pillars and a key step in putting in place the means to chart a path to 1.5 degrees.
The Cop29 presidency also succeeded in getting the Loss and Damage Fund up and running and ready to distribute money in 2025. This decision was long overdue by developing countries, including small island states, least developed countries, and African nations. For Cop29 President Mukhtar Babayev, “With this breakthrough, the Baku Finance Goal will turn billions into trillions over the next decade. We have guaranteed a tripling of the core climate finance goal for developing countries every year. It represents the best possible deal we could have reached, and we have pushed donor countries as far as they can go.” From developing countries, however, the comments were not entirely favorable. “It is not ambitious enough,” complained Sunday Evans Njewa of Malawi, on behalf of the Least Developed Countries (LDC) group. “This target is not what we hoped to achieve after years of discussion,” he added. “The proposed amount is pitifully low, it is ridiculous,” denounced Indian delegate Chandni Raina, criticizing Azerbaijan’s chairmanship of Cop29.
(ITALPRESS).
-Photo: Cop29 press office-
Cop29, agreement for $300 billion annually to the poorest countries
