COP29 Climate Finance Agreement
The COP29 summit in Baku, Azerbaijan, introduced the New Collective Quantified Goal (NCQG), aiming for 0 billion annually in climate finance for developing countries by 2035. This target triples the previous 0 billion but is far below the
.3 trillion requested. Most funds will be loans, prompting criticism from developing nations, including India, which sees the commitment as insufficient. Upcoming climate obligations include Biennial Transparency Reports (BTRs) due by December 2024 and updated Nationally Determined Contributions (NDCs) by February 2025. COP30 in 2025 will address ongoing climate challenges and global funding needs.
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