Image Source: COP29 

Today marks the final day of COP29, and the Presidency has outlined an ambitious and comprehensive approach to climate finance, urging countries to work together to significantly increase funding for climate action in developing nations. The proposed new finance goal aims to raise at least USD 1.3 trillion annually by 2035, with a focus on mobilizing both public and private sector resources.

The updated climate finance proposal, which was released following extensive consultations throughout the conference, has garnered support from a wide range of parties. This reflects a broad consensus to address the financial needs of developing nations, which are most vulnerable to climate change impacts. The COP29 Presidency emphasized the importance of continued collaboration to reach a final agreement that can address these urgent challenges.

Inclusive Consultations Shape Final Proposal

The COP29 Presidency conducted a thorough and inclusive consultation process over the past year, ensuring that all parties had the opportunity to contribute to the discussions. Late-night sessions and extended discussions at yesterday’s Qurultay helped refine the final package of proposals, which aims to balance the differing interests of countries while pushing for concrete, long-term climate finance commitments.

"The constructive engagement of all Parties has been invaluable in shaping the final outcome," said the COP29 Presidency. "We are grateful for the feedback we received, which has helped us refine the decision texts in a way that reflects the diverse needs and priorities of all Parties."

The proposal includes a critical step forward in global climate action: a new, escalated financing goal that extends the current $100 billion target for climate action to $250 billion by 2035. Developed countries are expected to take the lead in this effort, reflecting their historic responsibility in contributing to global emissions.

Next Steps: Building Consensus for Climate Action

As the conference concludes, the COP29 Presidency has urged all countries to study the updated proposals closely. While most areas have reached broad agreement, a few outstanding issues remain, and the Presidency has called for continued dialogue to address these points before a final decision can be made. The goal is to secure a universally agreed framework that ensures developing nations receive the financial support they need to adapt to and mitigate the effects of climate change.

Image Source: COP29