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At COP29 in Baku, world leaders agreed to mobilise $1.3tn annually by 2035 to support climate finance for developing countries, with $300bn each year specifically for these nations.

Multilateral Development Banks will play a significant role, contributing $120bn annually from their own funds and an additional $65bn from the private sector.

The commitments made at COP29 highlight the need for further collaboration between public and private finance to achieve international climate goals.

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Bridging the climate finance gap: COP29 – ILX

World leaders announce the new collective quantified goal on climate finance, which includes a central commitment to channel $300bn each year toward developing countries.

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