Azernews.Az

Nazrin Abdul

Read more

The new global climate finance target reached at COP29 in Baku in November 2024 marks a significant step forward.

Azernews reports that this was highlighted by Simon Steele, Executive Secretary of the UN Climate Change, during his speech at the Rio Branco Institute in Brazil.

He emphasized that the new financial target represents a minimum amount of climate finance.

“$300 billion is not the maximum, but a starting point. It is crucial that more funds reach developing countries, as they struggle with debt servicing and high capital costs,” Steele said.

Steele also recalled an agreement made in Paris 10 years ago regarding financial flows: “We agreed that all financial flows must align with our climate commitments. Changing the international financial system is challenging, but this year we’ve set a goal to determine how to achieve $1.3 trillion in climate finance, as agreed in Baku.”

“In just over 10 years, we've progressed from almost nothing to $2 trillion. However, more than two-thirds of the world’s countries still face challenges in securing the necessary financial resources for large-scale climate action,” Steele added.

He concluded that with the right financing, countries would be able to unlock their full potential, particularly by implementing the Baku-Belen Roadmap with a $1.3 trillion investment.