New Delhi: After two weeks of intense negotiations, COP29 concluded with meaningful progress on key issues such as carbon markets and financial support for developing countries, UNDP Administrator Achim Steiner said. While the pace of progress may not fully align with the urgency of the climate crisis, the conference reaffirmed the global community’s commitment to the Paris Agreement as the cornerstone of climate action, Steiner said according to a press release by the UN agency.
One of the most significant outcomes of COP29 is the establishment of a new carbon market framework, which has the potential to transform climate action, his statement read. Additionally, developed countries agreed to provide US$300 billion annually to support climate ambitions in developing nations. Developed countries will lead this effort.
However, the UNDP Administrator, stressed that this financial commitment represents a floor, not a ceiling. The true cost of meaningful climate action is significantly higher, as highlighted by developing countries, experts, and researchers throughout the conference.
Steiner emphasized the need for continued international efforts to support developing countries in facing the challenges of climate change and achieving a green and just transition. He underscored that climate finance is not charity but a global investment in a safer, more equitable future. Investing now benefits everyone; action today secures a safer, more equitable future for all.