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COP29 held in Azerbaijan reached a consensus on the climate financing agreement on the 24th. (Photo: COP29's facebook)
The two-week United Nations Climate Change Conference (COP29) has officially concluded, with significant attention focused on climate financing. After intense debates, an agreement to increase climate financing was reached, though many countries remain dissatisfied with the outcome.
In addition to the financing agreement, what other key developments took place at this year's summit?
Highlight 1: countries walk out during financing discussions
The climate financing agreement, known as the New Collective Quantified Goal (NCQG), was finalized on the morning of Nov. 24, Azerbaijan time, two days later than originally expected. The most hotly debated issue was the amount of funding from developed nations to support developing countries in combating climate change.
The final agreement raised the amount from the current $100 billion annually to $300 billion. Many developing countries expressed disappointment with the agreement, arguing that the funding was insufficient to meet the needs of climate-vulnerable nations. At one point, dozens of countries walked out of the negotiations, but a consensus was ultimately reached, which also included the acceptance of private investments as a means to partially meet the proposed target of $1.3 trillion.
