Countries around the world have reached a significant agreement at the United Nations Climate Change Conference (COP29), committing to provide $300 billion in climate finance annually by 2035.
Delegates responded warmly to the announcement early Sunday morning, with applause signaling widespread approval. Many heads of state and representatives from international organizations praised the accord as a new starting point following the UAE Agreement made at COP28.
Joe Biden (U.S. President)
U.S. President Joe Biden hailed the COP29 agreement as an "important step" in the fight against global warming, reaffirming that the U.S. would continue its efforts despite skepticism from his successor, Donald Trump, regarding climate change.
Biden stated, "Some may seek to deny or delay the clean energy revolution taking place in America and around the world, but no one can reverse this path."
Ed Miliband (UK Energy Secretary)
Edward Miliband, Secretary of State for Energy Security and Net Zero of the United Kingdom, described the agreement as a “last-minute, decisive climate deal.” He acknowledged that while it may not meet all hopes or expectations, it nonetheless represents progress for everyone.
He said, “Today’s agreement sends a signal that the clean energy transition is unstoppable. It is the biggest economic opportunity of the 21st century, and by supporting it, we can help mobilize private investment.”
Arab Group
The representative of the Kingdom of Saudi Arabia, speaking on behalf of the Arab Group, emphasized the need to underline the fundamental principles of mitigation efforts under the Paris Agreement and the United Nations Framework Convention on Climate Change.
He stated, “These principles include equality and common but differentiated responsibilities, with an insistence on the importance of developing countries leading these efforts on a global scale.”
He added, “This recognition must consider the various paths that reflect each country's different circumstances and capabilities, as well as the importance of respecting each country's sovereignty and ambition in their nationally determined contributions, which are central to the Paris Agreement. We need to enable countries to decide their own paths.”
“We must also recognize that a single solution cannot address all the diverse challenges we collectively face as we move along our development journey,” he concluded.
António Guterres (UN Secretary-General)
UN Secretary-General António Guterres expressed a desire for a more ambitious outcome in terms of financing and mitigation, stating, “I would have liked to have reached a more ambitious outcome, but this agreement provides a foundation on which we can build. It must be delivered in full and on time, and commitments must be quickly converted into cash."
European Union
Wopke Hoekstra, the European Commissioner for Climate Action, celebrated what he called the "beginning of a new era" for climate finance, as developed countries in Baku summit agreed to provide $300 billion in annual funding to developing countries by 2035.
He said, “We have worked hard to ensure that more funding is available. We are tripling the previous $100 billion goal, which we believe is ambitious, necessary, realistic, and achievable.”
Simon Stiell (UNFCCC Executive Secretary)
"It has been a difficult journey, but we have reached an agreement," said Simon Stiell, the Executive Secretary of the UN Framework Convention on Climate Change. He described the new financial goal as “an insurance policy for humanity,” given the worsening climate impacts affecting every nation.
"This agreement will sustain the clean energy boom and protect billions of lives," he added. “It will also help all countries share the benefits of ambitious climate action: more jobs, stronger growth, and cheaper, cleaner energy for all.”
However, he cautioned, "Like any insurance policy, it will only work if premiums are paid in full and on time. No country has obtained everything it desired, and we leave Baku with a mountain of work ahead. Now is not the time to gloat.”
