Future-oriented decisions were made at the COP29 conference – The UN fund will be accessible from 2025

The goal of the nearly two-week COP29 is to continue global negotiations on reducing greenhouse gas emissions, taking action to combat climate change, and meeting the goals of the Paris Agreement. A high-level delegation represented our country at the preparatory roundtable discussion in October, also held in Baku, preceding the large-scale event. The preparatory discussion focused on key topics such as a long-term climate strategy, financial and technological support for vulnerable communities, defining new, quantified commitments, and accelerating implementation measures.

COP29 was a climate summit attended by representatives from 198 countries from all over the world (including member states and observer states of the United Nations Framework Convention on Climate Change (UNFCCC)), where decision-makers worked together to achieve the Paris Agreement’s goal of limiting global warming to 1.5°C, as well as measures to implement the UN Framework Convention on Climate Change.

The COP29 climate summit concluded successfully, as an agreement was reached whereby developed countries committed to providing at least $300 billion annually to developing countries by 2035, with the remaining amount to be provided by private investors. In this context, the representatives of the participating countries also agreed that the UN fund for covering climate change-related losses and damages will be accessible as early as 2025, which is of enormous importance in helping the least developed countries catch up.

We have reached a milestone with the rich countries providing large amounts of support to the developing world to address and mitigate the effects of climate change, develop clean energy sources and significantly reduce carbon dioxide emissions – says Dr. Gábor Gremsperger (Founding CEO, Climate Action Kft.), who was a member of the Hungarian delegation participating in the October preparatory meeting.