COP29 – Baku Finance Goal to Increase Climate Financing for Developing Countries

November 2024

Azerbaijan, 24 November 2024 – The UN Climate Change Conference (COP29) has resulted in a new climate finance agreement called the Baku Finance COP. This agreement aims to assist developing countries in protecting their communities and economies from the impacts of climate disasters, as well as to accelerate the transition to clean energy.

One of the key outcomes of COP29 focused on increasing climate finance. The conference, attended by nearly 200 countries, reached several important agreements, including a significant increase in funding for developing countries. Developed nations committed to raising climate finance support to vulnerable and developing countries to USD 300 billion per year by 2035. This amount triples the previous commitment of USD 100 billion. Additionally, COP29 emphasized the importance of cooperation to mobilize climate finance from various sources, both public and private, reaching up to USD 1.3 trillion annually by 2035.

The Baku Finance Goal, officially named the New Collective Quantified Goal on Climate Finance (NCQG), was achieved after two weeks of intensive negotiations following years of preparation. This process required unanimous agreement from all countries on every point of the agreement.

This agreement continues the global climate action initiated at COP27 and COP28. COP28 agreed to establish the Loss and Damage Fund to assist vulnerable countries in addressing losses and damages caused by climate change, while COP27 produced the world’s first global agreement to rapidly and fairly transition away from all fossil fuels, triple renewable energy capacity, and strengthen climate resilience.

Indonesia’s Commitment at COP29

Indonesia, through its delegation, reaffirmed its commitment to achieving clean energy. Indonesia has set targets to reduce greenhouse gas (GHG) emissions toward net zero by 2060 and to avoid 1 billion tons of CO2 emissions. This will begin with a shift from fossil fuel development to renewable energy, increasing power generation capacity by 75%. Plans include constructing 70,000 km of smart transmission lines to distribute energy across the main and most populous islands of Indonesia. The country will also develop an environmentally friendly smart grid, add 42 gigawatts of wind and solar power, and double its total energy capacity to 75 gigawatts.

Indonesia is committed to providing affordable clean energy to accelerate economic growth, create more jobs, ensure food security, and alleviate poverty. Additionally, Indonesia will undertake reforestation of 12.7 million hectares of forest.


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