The closing plenary session of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) was held in Baku, AzVision.az reports.
A draft agreement on climate finance was discussed at the event.
The closing plenary session endorsed Article 6 of the Paris Agreement and made a historic decision to ensure the full launch of the Loss and Damage Fund, which developing countries are eagerly awaiting.
A new climate target was also adopted. Success in achieving this key target of the UN Climate Summit, put forward by the COP29 presidency, marked a significant increase compared to the previous target of $100 billion and will open a new wave of global investment.
The Baku Finance Goal includes a key task for developed countries - to mobilize at least $300 billion annually for developing countries by 2035. These funds will be provided from all possible sources, including public and private.
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