“The Baku Finance Goal represents the best possible deal we could reach.” – COP29 President Mukhtar Babayev
“An agreement at COP29 was absolutely essential to keep the 1.5°C limit alive. And countries have delivered.” – UN Secretary-General António Guterres
By Fatima Saka
The 29th Session of the Conference of the Parties (COP29) on climate change, held in Baku, Azerbaijan, has concluded with a landmark agreement on the “Baku Finance Goal.”
The agreement secures a $300 billion climate finance package for vulnerable countries, marking a significant step toward addressing the climate crisis.
A Milestone Achievement Amid Challenges
During Sunday’s closing plenary, COP29 President Mukhtar Babayev announced the breakthrough deal, which sets a global objective to mobilize $1.3 trillion in climate finance for developing nations by 2035. This ambitious framework aims to bolster efforts in climate adaptation and mitigation, representing a substantial increase in funding commitments.
“The Baku Finance Goal represents the best possible deal we could reach,” Babayev stated. “In a year of geopolitical fragmentation, many doubted Azerbaijan’s ability to lead. They doubted consensus could be achieved. Today, we have proven them wrong.”
UN Secretary-General’s Closing Remarks
In his closing address, UN Secretary-General António Guterres reflected on a year marked by record-breaking temperatures and devastating climate disasters. He emphasized the urgent need for action, highlighting the role of climate finance as a cornerstone of the agreement.
“Developing countries, swamped by debt, pummeled by disasters, and left behind in the renewables revolution, are in desperate need of funds,” Guterres said. “An agreement at COP29 was absolutely essential to keep the 1.5°C limit alive, and countries have delivered.”
While acknowledging progress, Guterres expressed the need for greater ambition, “I had hoped for a more ambitious outcome on both finance and mitigation to meet the immense challenge we face. However, this agreement provides a solid foundation. Commitments must quickly translate into cash, and all nations must work to ensure the high end of this goal is achieved.”
Key Highlights of COP29 Outcomes
1. Climate Finance Commitments:
The Baku Finance Goal pledges $300 billion immediately, with a broader target of $1.3 trillion by 2035 for developing nations to support climate resilience and emissions reductions.
2. Focus on Debt and Development:
Guterres urged swift action on debt relief, concessional finance, and increasing the capacity of multilateral development banks.
3. Energy Transition Goals:
Building on COP28 agreements, COP29 advanced efforts to accelerate the global energy transition and phase out fossil fuels. Guterres reiterated that the “end of the fossil fuel age is an economic inevitability.”
4. New National Climate Action Plans (NDCs):
Nations, particularly G20 countries, were called upon to deliver economy-wide, 1.5°C-aligned NDCs ahead of COP30.
These plans must include accelerated fossil fuel phaseouts and commitments to clean energy transitions.
A Call to Build on Momentum
In his appeal to governments, Guterres emphasized the need to see the Baku agreement as a starting point for further action:
“New national plans must accelerate the shift to renewables while ensuring justice in the transition. Multilateralism, centered on the Paris Agreement, has once again shown it can navigate the most difficult issues.”
He concluded by commending the efforts of COP29 participants: “I thank the government of Azerbaijan, President Mukhtar Babayev, UNFCCC Executive Secretary Simon Stiell, and all delegates who pushed for maximum ambition and justice.To civil society and youth activists, your work is invaluable. The United Nations stands with you our fight continues, and we will never give up.”
Distinct News report that COP29 has set the stage for urgent climate action, but the hard work lies ahead.
The success of the Baku Finance Goal depends on timely implementation and global cooperation, ensuring the 1.5°C target remains within reach.
