Baku, Azerbaijan
COP29 runs from 11-24 November 2024.
Countries commit to a set of NDCs that, collectively, meets the requirements of the Paris Agreement's 2C goals. Parties agree a new collective quantified goal on climate finance.
MDBs issued a joint statement reaffirming their commitment to support the development and implementation of country platforms aimed at delivering programmatic approaches and scaling up climate action impact.
Developed economies collectively committed to a target of USD 300 billion per year by 2035 in climate finance flows to developing economies. COP29 also called on the subsequent COP Presidency to develop and deliver the "Baku to Belém Roadmap to USD 1.3T” by November 2025. This roadmap will outline progress in mobilizing public and private actors to leverage a total of USD 1.3 trillion annually for climate finance in developing economies by 2035.
GCF expressed interest in accessing SDRs to have other sources of funding.
VCEFs committed to align and increase efforts to catalyse climate action from a range of financiers, including MDBs and the private sector.