COP29 Wraps with Historic Climate Funding Deal

The annual United Nations Climate Change Conference (COP29), held in Baku, Azerbaijan, concluded with the agreement of 200 participating countries.

During this conference, it was decided that wealthy and developed countries would allocate $300 billion annually by 2035 to address the impacts of climate change in poor countries.

According to officials, aid to vulnerable countries affected by climate change will begin next year.

“This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country,” said Simon Stiell, Executive Secretary of UN Climate Change. 

The final statement of the conference projected an annual budget of $1.3 trillion to tackle the effects of climate change by 2035.

The remaining portion of this amount is expected to be sourced through contributions from the private sector, international organizations, and other financial sources.

Earlier, the annual budget for combating climate change was only $100 billion.

A delegation from the Islamic Emirate, led by Matiul Haq Khalis, head of the National Environmental Protection Agency, also participated in the conference.

On the sidelines of the conference, the Islamic Emirate delegation held meetings with representatives of the United Nations, international organizations, and several countries, requesting assistance to combat the impacts of climate change in Afghanistan.

The annual United Nations Climate Change Conference (COP29) commenced on November 11 with the participation of representatives from 198 member countries, leaders of some nations, the private sector, multilateral financial organizations, civil institutions, and the media.

The conference was scheduled to conclude on November 22 but was extended until today (Sunday) due to complex budget negotiations.