BAKU, November 24. /TASS/. Countries participating in the COP-29 climate summit approved a New Collective Quantified Goal (NCQG) on climate finance in the amount of $300 bln per year, COP29 chairman Muxtar Babayev said at the final plenary session.
"The decision was made to establish the goal, under guidance of developed participating countries, amounting to $300 bln annually by 2035, to support developing countries in their actions to counter the climate change," Babayev said.
The decision was made after long-lasting and difficult talks. The COP29 in Baku, which was to end on November 22, was prolonged for more than a day and the decision on NCQG approval was the main expectation from the summit. The main point of disagreement among participants was the issue concerning the countries and the amount of funding to be allocated for climate financing.