Baku COP29: Climate event ends with $300bn deal amid calls for more action

A deal was eventually reached to triple finance to developing countries from the previous goal of USD 100 billion, to USD 300 billion annually by 2035.

While some were disappointed it wasn’t near the USD 1.3 trillion developing countries were asking for, some delegations acknowledged that the ‘Baku breakthrough’ was a step in the right direction to safeguard the future and ensure more money flows.

Ilham Aliyev, President of Azerbaijan, said the conference was  “a triumph of multilateralism”, adding, “COP29 is a turning point in climate diplomacy, and I believe this legacy will positively influence future global climate action.