COP29: Billions in aid at the centre of the final negotiations

The 29th UN Climate Change Conference (COP29) in Baku, Azerbaijan, is nearing its conclusion. One key issue is the setting of a new global climate finance target to replace the previous pledge of USD 100 billion per year. Developing countries are calling for up to 1.3 trillion US dollars a year to finance climate action and adaptation to climate change. 

Foreign Minister Annalena Baerbock has to leave the conference early for health reasons. However, she previously emphasised the need to keep the 1.5-degree target of the Paris Agreement within reach and place global climate finance on a broader footing. “The aim is to drive forward the phase-out of fossil fuels and launch a new approach to climate finance. In addition, countries that now emit large quantities of CO₂ have to reduce greenhouse gases and contribute their share to climate finance,” said Baerbock at the platform X. 

Led by Jennifer Morgan, Germany’s representative for international climate policy, the German delegation is still closely involved in the negotiations. Emphasising the need for a “new and fair climate finance agreement”, Morgan said Germany could be relied on to stand by its climate commitments despite the current political situation.