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COP29 in Baku Delivers Landmark Climate Finance Agreements, Developing Countries Raise Concerns over NCQG Text
The 2024 United Nations Climate Change Conference, also known as COP29, concluded in Baku, Azerbaijan, on November 22, 2024. The conference, which ran from November 11 to 22, brought together representatives from nearly 200 countries to discuss and agree on crucial climate change issues.
Key outcomes of COP29 include a new framework for international carbon credit trading under Article 6.4 of the Paris Agreement, which is expected to unlock billions of dollars in climate finance for developing countries[1][4]. Additionally, multilateral development banks pledged to increase climate-related lending to $120 billion annually for low- and middle-income countries, while the Asian Development Bank announced $7.2 billion in additional investments and a $3.5 billion adaptation program targeting glacial melting in Central Asia and the Southern Caucasus[1].
However, not all outcomes were universally welcomed. India and several other developing countries rejected the New Collective Quantified Goal (NCQG) text, which sets a goal of at least $300 billion per year by 2035 for developing country parties for climate action, citing that it does not reflect the priorities of the Global South[3].
Despite these challenges, COP29 marked significant progress in climate finance and international cooperation. The conference also emphasized the need to cap global warming at 1.5°C and to invest in rapid and sustained emission reductions to achieve this goal[1][2].
The next United Nations Climate Change Conference, COP30, is scheduled to take place in Belém, Brazil, in 2025. The "Baku to Belém Roadmap to 1.3T" aims to scale up climate finance to developing countries to $1.3 trillion, setting a new ambition for future climate action[3].
Key outcomes of COP29 include a new framework for international carbon credit trading under Article 6.4 of the Paris Agreement, which is expected to unlock billions of dollars in climate finance for developing countries[1][4]. Additionally, multilateral development banks pledged to increase climate-related lending to $120 billion annually for low- and middle-income countries, while the Asian Development Bank announced $7.2 billion in additional investments and a $3.5 billion adaptation program targeting glacial melting in Central Asia and the Southern Caucasus[1].
However, not all outcomes were universally welcomed. India and several other developing countries rejected the New Collective Quantified Goal (NCQG) text, which sets a goal of at least $300 billion per year by 2035 for developing country parties for climate action, citing that it does not reflect the priorities of the Global South[3].
Despite these challenges, COP29 marked significant progress in climate finance and international cooperation. The conference also emphasized the need to cap global warming at 1.5°C and to invest in rapid and sustained emission reductions to achieve this goal[1][2].
The next United Nations Climate Change Conference, COP30, is scheduled to take place in Belém, Brazil, in 2025. The "Baku to Belém Roadmap to 1.3T" aims to scale up climate finance to developing countries to $1.3 trillion, setting a new ambition for future climate action[3].
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By QP - DailyThe 2024 United Nations Climate Change Conference, also known as COP29, concluded in Baku, Azerbaijan, on November 22, 2024. The conference, which ran from November 11 to 22, brought together representatives from nearly 200 countries to discuss and agree on crucial climate change issues.
Key outcomes of COP29 include a new framework for international carbon credit trading under Article 6.4 of the Paris Agreement, which is expected to unlock billions of dollars in climate finance for developing countries[1][4]. Additionally, multilateral development banks pledged to increase climate-related lending to $120 billion annually for low- and middle-income countries, while the Asian Development Bank announced $7.2 billion in additional investments and a $3.5 billion adaptation program targeting glacial melting in Central Asia and the Southern Caucasus[1].
However, not all outcomes were universally welcomed. India and several other developing countries rejected the New Collective Quantified Goal (NCQG) text, which sets a goal of at least $300 billion per year by 2035 for developing country parties for climate action, citing that it does not reflect the priorities of the Global South[3].
Despite these challenges, COP29 marked significant progress in climate finance and international cooperation. The conference also emphasized the need to cap global warming at 1.5°C and to invest in rapid and sustained emission reductions to achieve this goal[1][2].
The next United Nations Climate Change Conference, COP30, is scheduled to take place in Belém, Brazil, in 2025. The "Baku to Belém Roadmap to 1.3T" aims to scale up climate finance to developing countries to $1.3 trillion, setting a new ambition for future climate action[3].
Key outcomes of COP29 include a new framework for international carbon credit trading under Article 6.4 of the Paris Agreement, which is expected to unlock billions of dollars in climate finance for developing countries[1][4]. Additionally, multilateral development banks pledged to increase climate-related lending to $120 billion annually for low- and middle-income countries, while the Asian Development Bank announced $7.2 billion in additional investments and a $3.5 billion adaptation program targeting glacial melting in Central Asia and the Southern Caucasus[1].
However, not all outcomes were universally welcomed. India and several other developing countries rejected the New Collective Quantified Goal (NCQG) text, which sets a goal of at least $300 billion per year by 2035 for developing country parties for climate action, citing that it does not reflect the priorities of the Global South[3].
Despite these challenges, COP29 marked significant progress in climate finance and international cooperation. The conference also emphasized the need to cap global warming at 1.5°C and to invest in rapid and sustained emission reductions to achieve this goal[1][2].
The next United Nations Climate Change Conference, COP30, is scheduled to take place in Belém, Brazil, in 2025. The "Baku to Belém Roadmap to 1.3T" aims to scale up climate finance to developing countries to $1.3 trillion, setting a new ambition for future climate action[3].