Landmark COP29 deal: $300B for energy transition by 2035
The 29th United Nations Conference on Climate Change adopted several key decisions, the most significant being an agreement for wealthy nations to provide $300 billion annually until 2035.
These funds aim to support energy transitions and climate adaptation in developing countries.
European Commission President Ursula von der Leyen praised the agreement reached at COP29 in Baku, describing it as "marking a new era for climate financing and cooperation." She emphasised that the accord would "boost investments in clean transitions, emission reductions, and enhancing resilience to climate change."
One of the European Union's primary objectives—annual monitoring of efforts to phase out oil, gas, and coal—faced strong resistance from Saudi Arabia and ultimately failed to gain approval.
Translation by Iurie Tataru
