mate finance for developing countries to $300 billion by 2035.

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

Simon Stiell, 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 NCQG 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. Projects such as renewable energy transitions, disaster preparedness, and sustainable agriculture will beprioritised.

The International Energy Agency predicts global clean energy investment will surpass $2 trillionin 2024, highlighting the economic opportunities presented by the green transition.

Despite the ambitious target, concerns remain. Implementation mechanisms, transparency infund allocation, and accountability frameworks are yet to be clarified. Critics argue that pastpromises have often failed to materialise, and trust in the process hinges on concrete action.

The conference also stressed the urgency of adaptation funding, as many nations face intensifying climate impacts. Whether COP29's financial commitments will effectively meet theneeds of vulnerable nations remains to be seen.

IOL

1a:T78d,The 29th UN Climate Change Conference (COP29), which recently concluded in Baku, Azerbaijan, marked an important turning point in global efforts to combat the climate crisis. Delegates from nearly 200 nations agreed to triple annual climate finance for developing countr

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COP29 agrees to triple climate finance for developing nations by 2035