At COP29, Azerbaijan helped countries take an important step and reach an agreement on climate finance, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) Simon Stiell said during his speech at the Fourth Climate Week (CW4) conference of the United Nations Framework Convention on Climate Change (UNFCCC), organized by the Ministry of Foreign Affairs, APA reports.
“A new global climate finance target of $300 billion per year by 2035 was set. At the same time, all participants were called upon to step up efforts to increase climate finance to at least $1.3 trillion annually by 2035,” Stiell noted.
According to him, the global transition process is already generating great hope and momentum. Investment in clean energy currently exceeds $2 trillion annually.
“From record heat in North Africa to unprecedented wildfires in Europe and deadly storms in Chile, climate impacts are threatening people’s lives around the world. Such events destroy people’s lives and livelihoods, damage infrastructure, disrupt economies and increase inflation. But the answer is not retreat. The answer is leadership, cooperation and transformation,” the speaker emphasized.
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