COP29 climate talks end with $300 billion annual pledge, Guterres calls deal a ‘base to build on’

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class="view-content"> <div class="views-row"> <div class="node node--type-news-story node--view-mode-top-image-full-width clearfix"> <div class="story-media"> <div class="media-image"> <div class="ratio ratio-21x9 field field--name-field-news-story-photo field--type-entity-reference field--label-hidden field__item"><picture> <source media="(max-width: 413px)" srcset="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/23-11-2024_COP29-venue1_UNFCCC.jpg/image350x235cropped.jpg" /> <source media="(max-width: 767px)" srcset="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/23-11-2024_COP29-venue1_UNFCCC.jpg/image560x340cropped.jpg" /> <source media="(max-width: 991px)" srcset="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/23-11-2024_COP29-venue1_UNFCCC.jpg/image770x420cropped.jpg" /> <source media="(max-width: 1199px)" srcset="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/23-11-2024_COP29-venue1_UNFCCC.jpg/image1170x530cropped.jpg" /> <source media="(min-width: 1200px)" srcset="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/23-11-2024_COP29-venue1_UNFCCC.jpg/image1170x530cropped.jpg" /> <img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/23-11-2024_COP29-venue1_UNFCCC.jpg/image1440x560cropped.jpg" width="1440" height="560" alt="Wide shot of the plenary hall at the UN climate conference, COP29, in Baku, Azerbaijan." title="Wide shot of the plenary hall at the UN climate conference, COP29, in Baku, Azerbaijan." loading="lazy" /> </picture> </div> </div> <div class="story-title"> <h1><span class="field field--name-title field--type-string field--label-hidden">COP29 climate talks end with $300 billion annual pledge, Guterres calls deal a ‘base to build on’</span> </h1> </div> </div> <div class="story-caption full-width"> <div class="context-caption_credit type-entermedia_image media media--type-entermedia-image media--view-mode-caption-credit"> <div class="field field--name-field-authors field--type-entity-reference field--label-hidden field__items"> <div class="field__item">UNFCCC/Kiara Worth</div> </div> <div class="field field--name-field-title field--type-string field--label-hidden field__item">Wide shot of the plenary hall at the UN climate conference, COP29, in Baku, Azerbaijan.</div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </section> <div id="main-wrapper" 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data-ms="email">Email</a> </p> </div> <main class="main-content col-lg-9" id="content" role="main"> <section class="section"> <a id="main-content" tabindex="-1"></a> <div id="block-un-base-theme-page-title" class="block block-core block-page-title-block block-un-base-theme-page-title"> <div class="block-content block__content"> <h1 class="title"><span class="field field--name-title field--type-string field--label-hidden">COP29 climate talks end with $300 billion annual pledge, Guterres calls deal a ‘base to build on’</span> </h1> </div> </div> <div class="views-element-container block block-views block-views-block-content-fields-block-lead" id="block-views-block-content-fields-block-lead"> <div class="block-content block__content"> <div> <div class="view view-content-fields view-id-content_fields view-display-id-block_lead js-view-dom-id-5ff87591f98a08385fa5acbe2c513d0c4e2b6673d98aeb01ee328d7a8b8e4c7f"> <div class="view-content"> <div class="views-row"> <span class="views-field views-field-field-news-date"><span class="field-content"><time datetime="2024-11-23T12:00:00Z" class="datetime">23 November 2024</time> </span></span> <span class="views-field views-field-field-news-topics"><span class="field-content"><a href="/en/news/topic/climate-change" hreflang="en">Climate and Environment</a></span></span> <div class="views-field views-field-field-news-story-lead"><div class="field-content"><p><span>Rich nations pledged to contribute at least $300 billion annually to the global fight against climate change as UN climate talks came to a contentious end early Sunday morning in Baku. Developing nations who had sought over $1 trillion in assistance called the agreement “insulting” and argued it did not give them the vital resources they required to truly address the complexities of the climate crisis.</span></p> </div></div></div> </div> </div> </div> </div> </div> <div id="block-un-base-theme-content" class="block block-system block-system-main-block block-un-base-theme-content"> <div class="block-content block__content"> <article class="node node--type-news-story node--view-mode-full clearfix"> <header> </header> <div class="node__content clearfix"> </div> </article> </div> </div> <div class="views-element-container block block-views block-views-block-content-fields-block-body" id="block-views-block-content-fields-block-body"> <div class="block-content block__content"> <div> <div class="view view-content-fields view-id-content_fields view-display-id-block_body js-view-dom-id-a5e795bfce4be3ffd421851c737bf7490e13f8a5f2f6f753620abb41fc989abd"> <div class="view-content"> <div class="views-row"> <div class="views-field views-field-field-news-story"><div class="field-content"> <div class="paragraph paragraph--type--one-column-text paragraph--view-mode--default"> <div class="_none"><div class="w-100"> <div class="layout row layout-builder__layout"> <div class="col-12"> <div class="_none block block-layout-builder block-field-block-paragraph-one-column-text-field-text-column"> <div class="block-content block__content"> <div class="clearfix text-formatted field field--name-field-text-column field--type-text-long field--label-hidden field__item"><p>After two weeks of intense negotiations, delegates at <a href="https://www.un.org/en/climatechange/cop29">COP29</a>, formally the 29<sup>th</sup> Conference of Parties to the UN Framework Convention on Climate Change (<a href="https://unfccc.int/">UNFCCC</a>), <a href="https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-public-finance-to-developing-countries-protecting-lives">agreed to provide</a> this funding annually, with an overall climate financing target to reach “at least $1.3 trillion by 2035”.</p><div class="context-un_news_large_credit type-soundcloud media media--type-soundcloud media--view-mode-un-news-large-credit"> <div class="field field--name-field-media-soundcloud field--type-string field--label-visually_hidden"> <div class="field__label visually-hidden">Soundcloud</div> <div class="field__item"><iframe width="100%" height="166" scrolling="no" frameborder="no" src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1966108011&visual=&auto_play=false&hide_related=true&show_artwork=true&show_playcount=false&show_comments=false&show_user=false&show_reposts=false&download=false&buying=false&sharing=false&show_teaser=false&single_active=true&color=%23ff5500" title="media:soundcloud:e9f75465-774e-4c25-9699-f0b41474af19"></iframe> </div> </div> </div> <p>Countries also agreed on the rules for a <a href="https://unfccc.int/news/cop29-agrees-international-carbon-market-standards">UN-backed global carbon market</a>. This market will facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects.</p> <div class="align-left context-un_news_large_credit type-twitter media media--type-twitter media--view-mode-un-news-large-credit"> <div class="field field--name-field-media-twitter field--type-string field--label-visually_hidden"> <div class="field__label visually-hidden">Tweet URL</div> <div class="field__item"><blockquote class="twitter-tweet element-hidden" lang="en"> <div class="context-preview type-twitter media media--type-twitter media--view-mode-preview"> <div class="field field--name-field-media-twitter field--type-string field--label-hidden field__item"><iframe src="https://news.un.org/en/media/oembed?url=https%3A//twitter.com/antonioguterres/status/1860472398048350573&max_width=305&max_height=550&hash=ThnyumjO7vIMAkGZf237lyayv0LggzKx3qct-RVS0hs" width="305" height="550" class="media-oembed-content" loading="lazy"></iframe> </div> </div> <a href="https://twitter.com/antonioguterres/statuses/1860472398048350573"></a> </blockquote> </div> </div> </div> <p>These were among the big-ticket issues decided upon as the summit, underway since 11 November in the enormous Baku Stadium in the Azerbaijan capital, <strong>ran into double overtime</strong>. </p><p>Other steps forward at COP29 included: </p><ul><li>extension of a <a href="https://unfccc.int/topics/gender/workstreams/the-enhanced-lima-work-programme-on-gender">programme centered on gender and climate change</a><strong>; </strong>and </li><li>agreement on support for the least developed countries to carry out <a href="https://unfccc.int/topics/adaptation-and-resilience/workstreams/national-adaptation-plans">national adaptation plans</a><strong>.</strong></li></ul><p><strong>This summit had been dubbed the ‘climate finance COP</strong>’, and representatives from all countries were seeking to establish a new, higher climate finance goal. </p><p>The target, or <a href="https://unfccc.int/NCQG" target="_blank" title="(opens in a new window)">new collective quantified goal</a> (NCQG), will replace the existing $100 billion goal that is due to expire in 2025.</p><p>In the closing days at COP29, <strong>negotiating teams from the developed and developing worlds were deadlocked over a final deal</strong>, with reports that representatives for least developed countries and the Alliance of Small Island States (AOIS) had walked out of the talks.</p><h2>‘A more ambitious outcome’</h2><p>Reacting to the outcome, UN <a href="https://www.un.org/sg/">Secretary-General António Guterres</a> said that while an agreement at COP29 was absolutely essential to keep the 1.5-degree limit alive, “<a href="https://www.un.org/sg/en/content/sg/statement/2024-11-23/un-secretary-general-statement-cop29">I had hoped for a more ambitious outcome</a> – on both finance and mitigation – to meet the great challenge we face.”</p><p>But he continued,<strong> this agreement provides a base on which to build</strong> and added: It must be honoured in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met."</p><p>For many vulnerable nations, it represents a glimmer of hope—but only if commitments translate into swift action. “Commitments must quickly become cash,” the Secretary-General stressed, urging all countries to work together to meet the upper end of the new financial goal.</p> <div class="align-right context-un_news_large_credit type-twitter media media--type-twitter media--view-mode-un-news-large-credit"> <div class="field field--name-field-media-twitter field--type-string field--label-visually_hidden"> <div class="field__label visually-hidden">Tweet URL</div> <div class="field__item"><blockquote class="twitter-tweet element-hidden" lang="en"> <div class="context-preview type-twitter media media--type-twitter media--view-mode-preview"> <div class="field field--name-field-media-twitter field--type-string field--label-hidden field__item"><iframe src="https://news.un.org/en/media/oembed?url=https%3A//twitter.com/simonstiell/status/1860475997742592144&max_width=305&max_height=550&hash=wyp4usha9BGFKQ3KfGAvgaPJAsnlNChvT5jgo4nURBM" width="305" height="550" class="media-oembed-content" loading="lazy"></iframe> </div> </div> <a href="https://twitter.com/simonstiell/statuses/1860475997742592144"></a> </blockquote> </div> </div> </div> <p>Beyond finance, COP29 built on previous gains in emissions reduction targets, the acceleration of the energy transition, and a long-sought agreement on carbon markets. These achievements come despite an “uncertain and divided geopolitical landscape,” which threatened to derail negotiations.</p><p>The UN chief commended negotiators for finding common ground, noting, “<strong>You have shown that multilateralism – centred on the <a href="https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement">Paris Agreement</a> – can find a path through the most difficult issues</strong>.”</p><h2>‘An insurance policy for humanity’</h2><p>UN Climate Change Executive Secretary Simon Stiell described the new finance goal agreed at COP29 as “<a href="https://unfccc.int/news/this-new-finance-goal-is-an-insurance-policy-for-humanity-simon-stiell-at-close-of-cop29">an insurance policy for humanity</a>.”</p><p>“This deal will keep the clean energy boom growing and protect billions of lives.  It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. <strong>But like any insurance policy – it only works – if the premiums are paid in full, and on time.</strong>”</p><p>He acknowledged that no country got everything they wanted, and that the world leaves Baku with a mountain of work to do. “So, this is no time for victory laps. We need to set our sights and redouble our efforts on the road to Belém,” in the eastern Amazonian region of Brazil, which is set to host COP30 next year.</p><h2>‘Weak, insulting deal’</h2><p>While some delegations applauded the deal, many from the developing world, including Bolivia and Nigeria, <strong>expressed their deep disappointment at what they argued was an “insultingly low” financing target </strong>and that the agreed text failed to significantly build on an agreement last year at COP28 in Dubai calling for nations to “<a href="https://news.un.org/en/story/2023/12/1144742">transition away from fossil fuels</a>”.</p><p>India's representative strongly denounced the new goal, calling it a “paltry sum” and emphasizing, “<strong>We seek a much higher ambition from the developed countries</strong> [and the amount agreed] does not inspire trust that we will come out of this grave problem of climate change.”</p><p>A representative from a group of small island nations said: “After this COP29 ends, we cannot just sail off into the sunset. <strong>We are literally sinking</strong>,” and the conference outcome highlighted “what a very different boat our vulnerable countries are in, compared to the developed countries”.</p><div class="context-un_news_full_width_credit_caption type-entermedia_image media media--type-entermedia-image media--view-mode-un-news-full-width-credit-caption"> <div class="field field--name-thumbnail field--type-image field--label-hidden field__item"><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/23-11-2024_COP29-venue4_UNFCCC.jpg/image1170x530cropped.jpg" alt="Civil society actors at COP29 in Baku, Azerbaijan, advocate for climate financing initiatives." title="Civil society actors at COP29 in Baku, Azerbaijan, advocate for climate financing initiatives." loading="lazy" width="1170" height="530"> </div> <div class="field field--name-field-authors field--type-entity-reference field--label-hidden field__items"> <div class="field__item">UNFCCC/Kiara Worth</div> </div> <div class="field field--name-field-title field--type-string field--label-hidden field__item">Civil society actors at COP29 in Baku, Azerbaijan, advocate for climate financing initiatives.</div> </div> <p>Sierra Leone’s representative said African nations were disappointed in the outcome, which “<strong>signals a lack of goodwill by developed countries</strong>.” Indeed, the $300 billion deal was “less than a quarter of what science shows is needed and barely enough to forestall a climate catastrophe”.</p><p>Striking a different tone, a representative from the delegation of the European Union said the new climate finance goal would “<strong>simply will bring much, much more private money on the table, and that is what we need</strong>. And with these funds, we are confident we will reach the 1.3 trillion objective.”</p><p><em><strong>Want to know more? Check out our </strong></em><a href="https://news.un.org/en/events/cop29"><em><strong>special events page</strong></em></a><em><strong>, where you can find all our coverage of COP29, including stories and videos, explainers and our newsletter.</strong></em></p></div> </div> </div> </div> </div> </div></div> </div> </div></div></div> </div> </div> </div> </div> </div> <div class="views-element-container block block-views block-views-block-content-footer-block-1" id="block-views-block-content-footer-block-1"> <div class="block-content block__content"> <div> <div class="view view-content-footer view-id-content_footer view-display-id-block_1 js-view-dom-id-1b3a078b46f511fc5f7ee1ad4962cf333b700b87188e682640d77c9fd5ec44e0"> </div> </div> </div> </div> <div id="block-content-footer" class="block block-simple-block block-simple-block-content-footer block-content-footer"> <div class="block-content block__content"> <div class="panel panel-info"> <div class="panel-heading">♦ Receive daily updates 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class="views-field views-field-field-news-tags"><div class="field-content"><div class="item-list"><ul class="list-group"><li class="list-group-item"><a href="/en/tags/cop29" hreflang="en">COP29</a></li></ul></div></div></div></div> </div> </div> </div> </div> </div> </section> </main> <div class="sidebar_second sidebar order-last col-lg-3" id="sidebar_second"> <aside class="section" role="complementary"> <div id="block-unnewsaudioplayer" class="block block-un-news-audio-player block-unnewsaudioplayer"> <h2 class="block-title block__title"> LISTEN TO UN RADIO </h2> <div class="block-content block__content"> <div id="audio-player-wrapper"> <a id=audio-player-container></a> <div id="main-player-playlist-list-wrapper"> <ul id="main-player-playlist-list" class='list-audio'></ul> </div> </div> </div> </div> <div class="views-element-container block block-views block-views-block-content-related-block-related-stories" id="block-views-block-content-related-block-related-stories"> <h2 class="block-title block__title"> Related Stories </h2> <div class="block-content block__content"> <div> <div class="view view-content-related view-id-content_related view-display-id-block_related_stories js-view-dom-id-2886407d44832644a388f0f070acbf0545f11fd2dea9548535e59b1eeaed9975"> <div class="view-content"> <div class="views-row"> <div class="views-field views-field-field-news-story-photo"><span class="field-content"><a href='/en/story/2024/11/1157081'><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/16-11-2024_COP29-BTS5_UNFCCC.jpg/image100x100cropped.jpg" alt="Participants at COP29 in Baku, Azerbaijan, advocate for financing climate initiatives." title="Participants at COP29 in Baku, Azerbaijan, advocate for financing climate initiatives." loading="lazy" width="100" height="100" /> </a></span></div> <div class="views-field views-field-title"><h3 class="field-content"> <a href="/en/story/2024/11/1157081" hreflang="en">Will COP29 deliver the trillions needed to tackle the man-made climate crisis?</a></h3></div></div> <div class="views-row"> <div class="views-field views-field-field-news-story-photo"><span class="field-content"><a href='/en/story/2024/11/1156996'><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/14-11-2024_COP29_Youth_SG%205.jpg/image100x100cropped.jpg" alt="UN Secretary-General António Guterres in speaks with young climate and environmental activists at COP29 in Baku, Azerbaijan." title="UN Secretary-General António Guterres in speaks with young climate and environmental activists at COP29 in Baku, Azerbaijan." loading="lazy" width="100" height="100" /> </a></span></div> <div class="views-field views-field-title"><h3 class="field-content"> <a href="/en/story/2024/11/1156996" hreflang="en">COP29: ‘You have every right to be angry’ Guterres tells youth advocates frustrated over lack of climate action</a></h3></div></div> <div class="views-row"> <div class="views-field views-field-field-news-story-photo"><span class="field-content"><a href='/en/story/2024/11/1157086'><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Collections/Embargoed/31-05-2023-Unsplash-technology-03.jpg/image100x100cropped.jpg" alt="AI and other digital technologies can help mitigate and adapt to climate change." title="AI and other digital technologies can help mitigate and adapt to climate change." loading="lazy" width="100" height="100" /> </a></span></div> <div class="views-field views-field-title"><h3 class="field-content"> <a href="/en/story/2024/11/1157086" hreflang="en">COP29: Digital tech and AI can boost climate action, but curbing the sector’s emissions is key</a></h3></div></div> </div> </div> </div> </div> </div> </aside> </div> </div> </div> </div> <div class="featured-bottom"> <aside class="container clearfix" role="complementary"> <section class="region region-featured-bottom-first"> <div class="views-element-container block block-views block-views-block-content-fields-block-news-tracker" id="block-views-block-content-fields-block-news-tracker"> <h2 class="block-title block__title"> News Tracker: Past Stories on This Issue </h2> <div class="block-content block__content"> <div> <div class="view view-content-fields view-id-content_fields view-display-id-block_news_tracker js-view-dom-id-d1dc3b678a3caeccf775757e8ef870ede5e44e1755531311c1b7f5a40ba15d63"> <div class="view-content"> <div class="views-row"> <div class="views-field views-field-field-news-story-photo"><div class="field-content"><a href='/en/story/2024/11/1157081'><img src="https://global.unitednations.entermediadb.net/assets/mediadb/services/module/asset/downloads/preset/Libraries/Production%20Library/16-11-2024_COP29-BTS5_UNFCCC.jpg/image350x235cropped.jpg" alt="Participants at COP29 in Baku, Azerbaijan, advocate for financing climate initiatives." title="Participants at COP29 in Baku, Azerbaijan, advocate for financing climate initiatives." loading="lazy" width="350" height="235" /> </a></div></div> <div class="views-field views-field-title"><h3 class="field-content"> <a href="/en/story/2024/11/1157081" hreflang="en">Will COP29 deliver the trillions needed to tackle the man-made climate crisis?</a></h3></div> <div class="views-field views-field-field-news-date"><div class="field-content"><time datetime="2024-11-16T12:00:00Z" class="datetime">16 November 2024</time> </div></div> <div class="views-field views-field-field-news-topics"><div class="field-content"><a href="/en/news/topic/climate-change" hreflang="en">Climate and Environment</a></div></div> <div class="views-field views-field-field-news-story-lead"><div class="field-content"><p>The latest round of UN climate negotiations, COP29, opened this past Monday in Baku, Azerbaijan, following a year that broke multiple extreme heat records and saw widespread climate-driven chaos – from wildfires to destructive floods and hurricanes – hit nearly every corner of the world. A major increase in financial commitments to assist vulnerable countries in mitigating and adapting to climate impacts is the main goal of this year’s conference, which has been dubbed the “climate finance COP.”</p> </div></div></div> </div> </div> </div> </div> </div> </section> </aside> </div> <footer id="footer" class="site-footer"> <div class="site-footer__top clearfix bg-light pt-l pt-lg-xl pb-m pb-sm-0 pb-lg-l"> <div class="container"> <div class="row"> <div class="col-sm-6"> <div class="row"> <div class="col-lg-6"> <section class="region region-footer-first"> <nav role="navigation" aria-labelledby="block-resources-menu" id="block-resources" class="border-bottom border-un-absolute-black-25 mb-m mb-sm-0 pb-sm-m block block-menu navigation menu--resources"> <h2 id="block-resources-menu" class="block-title"> Resources <button class="btn btn-collapse float-end d-lg-none border-0 rounded-0 p-0 collapsed" type="button" data-bs-toggle="collapse" data-bs-target="#block-resources-content" 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COP29 climate talks end with $300 billion annual pledge, Guterres calls deal a ‘base to build on’ | UN News