A new collective quantified goal for climate finance has been approved at the closing plenary of the 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change in Baku, Azernews reports.

The agreement specifies that developed nations will collaboratively mobilize resources for climate initiatives in developing countries, targeting an increase from the current $100 billion per year to a minimum of $300 billion by 2035.

The 2024 UN Climate Change Conference (UNFCCC COP 29) was held in Baku, Azerbaijan on November 11-22.

The event gathered world leaders and negotiators from the member states (or Parties) of the UN Framework Convention on Climate Change (UNFCCC) to further global progress, with business leaders, young people, climate scientists, Indigenous Peoples, and civil society sharing insights and best practices to strengthen global, collective and inclusive climate action.

Among the key priorities of COP 29 are securing a new goal on climate finance, ensuring every country has the means to take much stronger climate action, slashing greenhouse gas emissions and building resilient communities.