After marathon negotiations, the UN Climate Change Conference (COP29) in Baku wrapped up with a historic agreement aimed at turbocharging global climate action. The Baku Climate Solidarity Pact includes over 20 decisions to meet goals under the Paris Agreement, with big wins on climate finance and carbon markets.
Show Me the Money
Developed nations agreed to ramp up funding to $300 billion annually by 2035, while a new global target of $1.3 trillion per year was set to support developing countries’ climate efforts. This cash injection is expected to boost renewable energy projects and climate adaptation measures worldwide.
Carbon Markets Get a Rulebook
COP29 finalized operational rules for the international carbon market under the Paris Agreement’s Article 6 – a key step to help countries collaborate on emission cuts while preventing double-counting of reductions. →
China’s Green Leadership
The Chinese delegation hosted 10 themed days at its pavilion, showcasing climate solutions ranging from clean tech to biodiversity protection. Zhao Yingmin, China’s chief negotiator, emphasized: \"We’ll keep pushing for carbon neutrality goals and support other developing nations through South-South cooperation.\"
As countries head home, all eyes are on how these financial commitments and new frameworks will translate into real-world action.
Show Me the Money
→
