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COP29 - Climate Finance Agreement
December 1 , 2024
14 days
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- The developed countries managed to force an agreement at the COP29 meeting in Baku, promising to put together just 300 billion dollars a year, that too from 2035.
- But the developing countries had been asking for the NCQG to be set at 1.3 trillion dollars every year.
- The target, or new collective quantified goal (NCQG), will replace the existing $100 billion goal that is due to expire in 2025.
- India does not accept the goal proposal in its present form.
- In 2009, the developed countries had offered to raise 100 billion dollars a year from 2020.
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