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COP29 reaches $1.3tn climate finance deal

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United Nations,Chris Bowen,Climate Targets

Following intense negotiations, nearly 200 countries at the COP29 summit in Baku have agreed to a historic climate finance target that could channel $1.3 trillion annually to the developing world by 2035.

Australia will contribute significant funding alongside the EU and US after COP29 delegates reached a deal where developed countries will commit $300bn of climate finance to developing countries.

Australian Minister for Climate Change and Energy Chris Bowen at the UNFCCC COP29 Climate Conference on November 21, 2024. Picture: Sean Gallup/Getty Images The $300 billion per year commitment from wealthy countries will help support climate adaptation and mitigation efforts in vulnerable nations, particularly Small Island Developing States and Least Developed Countries .

Australia, alongside Canada, argued the language in the deal about reducing global fossil fuels was too weak.Despite the strong objections, UN Climate Chief Simon Stiell defended the deal, calling it an “insurance policy” for humanity.

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