The promise of $300 billion annually in climate finance for lower-income countries by 2035 — recently announced at COP29 — marks significant progress from the $100 billion commitment made in Copenhagen 16 years ago.
It also forms part of a larger target, also agreed at COP29 in Baku, Azerbaijan, as part of the new collective quantified goal, or NCQG, that mobilizes $1.3 trillion per year in financing by 2035 from public and private sources. This “Baku to Belem Roadmap to 1.3T” aims to set out the concrete actions needed to make these goals a reality.
Success hinges on collaboration between the private and public sectors. Without private sector engagement, this target will remain out of reach.