BAKU, Azerbaijan, November 22. Draft at COP29 calls for $250 billion climate financing from developed nations, COP29 Presidency said in a statement, Trend reports.
"Throughout the year, the COP29 Presidency has been pushing for a fair and ambitious new climate finance goal, taking into account the needs and priorities of developing country Parties. We conducted an extensive and inclusive consultation process that extended into the early hours of the morning. We gave all groups the opportunity to react to the package of texts we released yesterday morning and we thank them for their constructive engagement.
Taking into account the views expressed during the consultations, and what we heard from Parties at yesterday’s Qurultay, we have now published updated texts.
These texts form a balanced and streamlined package for COP29. The COP29 Presidency urges Parties to study this text intently, to pave the way towards consensus, on the few options remaining.
As a first reflection of Parties indications the New Collective Quantified Goal decision contains a call on all Parties to work together to scale up financing to developing countries for climate action from all public and private sources to at least $1.3 trillion per year by 2035.
Further, reflecting the submission of developed country parties, it includes a decision to set a goal in extension of the goal of jointly mobilizing $100 billion per year, with developed country Parties taking the lead, to a minimum of $250 billion by 2035 for developing country Parties for climate action.
We will further engage with Parties to collectively agree final adjustments to the few outstanding yet important issues.
We will continue to work hard, inclusively and transparently, to press all sides for the highest ambition outcome possible," COP29 Presidency statement reads.