BAKU, Azerbaijan, November 23. The closing plenary session of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) was held in Baku, Trend reports.
A draft agreement on climate finance was discussed at the event.
The closing plenary session endorsed Article 6 of the Paris Agreement and made a historic decision to ensure the full launch of the Loss and Damage Fund, which developing countries are eagerly awaiting.
A new climate target was also adopted. Success in achieving this key target of the UN Climate Summit, put forward by the COP29 presidency, marked a significant increase compared to the previous target of $100 billion and will open a new wave of global investment.
The Baku Finance Goal includes a key task for developed countries - to mobilize at least $300 billion annually for developing countries by 2035. These funds will be provided from all possible sources, including public and private.
