Developing countries, including Ghana, are set to receive a substantial financial package of $300 billion annually over the next decade to advance climate action and build resilience against the impacts of climate change.
This package, announced at COP29 in Baku, Azerbaijan, triples the previous $100 billion pledge but falls short of the $1.3 trillion proposed by developing nations. The agreement, formally known as the New Collective Quantified Goal on Climate Finance (NCQG), was reached after two weeks of intense negotiations and years of preparatory work.
Mukhtar Babayev, COP29 President, announced the landmark deal at the conference’s closing plenary on November 24, 2024. He described the process as “intensive, complex, and controversial” but emphasized its significance in achieving global climate targets.
“When the world came to Baku, people doubted Azerbaijan’s ability to deliver such an agreement. They were wrong,” Babayev stated.
He highlighted that the Baku Finance Goal would help transform billions into trillions in climate finance, creating a critical pathway to limit global temperature rise to 1.5 degrees Celsius. The $300 billion package, designed to support developing nations, represents the largest climate finance commitment to date.
“This breakthrough is the best deal we could achieve. Donor countries have been pushed to their limits, but the challenges ahead will require even greater collaboration,” Babayev added.
Simon Still, Executive Secretary of UN Climate Change, called the NCQG an “insurance policy for humanity,” emphasizing the importance of timely and full payment of financial commitments. “Like any insurance, it only works if the premiums are paid. This funding is critical to safeguarding billions of lives,” he remarked.
The COP29 agreement marks a turning point in global climate negotiations, underscoring the urgent need for coordinated action and sustained financial support to combat the escalating climate crisis.
