The 29th UN Climate Change Conference, which recently concluded in Baku, Azerbaijan, marked an important turning point in global efforts to combat the climate crisis. Delegates have agreed to triple annual climate finance for developing countries to $300 billion by 2035.

The New Collective Quantified Goal on Climate Finance builds on the 2009 commitment of $100 billion annually, which has been criticised for under-delivery and inconsistent fund allocation.

Simon Stiell, the executive secretary of UN Climate Change, described the agreement as an insurance policy for humanity but emphasised that, the real test lies in how this commitment translates into action on the ground.

The Goal also aims to secure $1.3 trillion annually from public and private sources, providing much-needed financial flows to mitigate climate risks and unlock renewable energy investments.

Developing nations, particularly in Africa, stand to gain significantly from these funds.

4 December 24