Results of the World Climate Conference in Baku

The COP29 World Climate Change Conference, hosted this year by Azerbaijan in Baku, has come to an end after more than two weeks. This time, the conference focused on financial support for developing countries to cope with the consequences of climate change and the conversion of national energy supplies away from fossil fuels.

The results summarized:

• From 2035, 300 billion US dollars will be made available to developing countries by the industrialized nations. The requirement was estimated in advance at 1.3 trillion.
• The sum of 1.3 trillion is to be achieved in the long term with the help of various financing options. A precise plan will be drawn up at the COP30 in Brazil in 2025.
• Emerging economies (e.g. China) will be encouraged to also contribute to climate financing
• A fund for extreme weather events will be set up at the World Bank, for which countries are expected to be able to apply from next year.
• International rules for emissions trading have been agreed.