European Commission President Ursula von der Leyen welcomed this Sunday, November 24, the agreement reached at COP29, which she said marks “a new era” in cooperation on climate change and its financing.
This agreement will “stimulate investment in the energy transition and reduce greenhouse gas emissions”said von der Leyen on social media, cited by the French agency AFP.
The UN climate conference approved this morning in Baku (local time), annual funding of 300 billion dollars (287 billion euros, at current exchange rates) for developing countries until 2035.
The agreement increases the current financial commitment, which is 100 billion dollars (95 billion euros) per year.
Since the beginning of the conference, developing countries have demanded much more money to help them with the energy transition, but also to face the problems caused by climate change.
This year’s meeting in the capital of Azerbaijan had as its main agenda item the definition of a new amount of support.
Source: www.jornaldenegocios.pt
