"This week, leading MDPs projected that their annual collective climate financing would reach $170 billion by 2030," COP29 President Mukhtar Babayev
According to him this includes US$49 billion in adaptation finance: "Every contribution is welcome, but there is still a clear gap between where we are and where we need to be. Dear friends, while consultation with a range of stakeholders will also be essential, this must include the private sector across key sectors of the economy. To enable action, the COP29 Residency's top negotiating priority is to agree on a fair and ambitious new climate financial goal that addresses the needs and priorities of developing countries. In this context, we want the private and philanthropic sectors to also focus on how they can support the ambitions of developing nations."
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