The international community is urged to rapidly scale up both the quantity and quality of climate finance, requiring concrete actions from developed nations, financial institutions, and the private sector.

The new financial commitment aims to support vulnerable nations in combating the adverse effects of climate change, with the total target set at $1.3 trillion.

A key focus of the NCQG is to lower capital costs for developing countries, which currently face interest rates significantly higher than those in developed nations, hindering their transition to clean energy.

Despite these ambitious targets, concerns remain regarding the clarity of financing, as only 15% of climate finance is concessional, highlighting the need for more transparent commitments from wealthy nations.

Immediate action is essential to achieve these goals, as vulnerable nations are already facing severe climate challenges.

The previous commitment made in 2009 to mobilize $100 billion annually by 2020 has not been fulfilled, raising skepticism about the feasibility of the new targets.

Negotiations at COP29 were contentious and delayed by 33 hours, with developing nations advocating for a much higher target of $1.3 trillion annually.

Historical context shows that while past failures, such as at COP15, did not halt climate progress, the urgency for effective action remains critical as climate impacts accelerate.

The 29th United Nations Climate Change Conference (COP29) held in Baku, Azerbaijan, concluded with a landmark agreement to triple climate finance for developing countries, raising the annual target from $100 billion to $300 billion by 2035.

This agreement includes the New Collective Quantified Goal (NCQG), which aims to mobilize a total of $1.3 trillion annually for climate action, with $300 billion specifically from developed nations.

While the Baku agreement signifies progress in addressing climate finance challenges, its successful implementation will depend on sustained political will and collaboration between public and private sectors.

The conference concluded with a call for global cooperation to find effective solutions to climate change, emphasizing the urgency of collective action.