{"id":7793,"date":"2024-11-25T16:32:25","date_gmt":"2024-11-25T15:32:25","guid":{"rendered":"https:\/\/goodnewenergy.enagas.es\/uncategorized\/cop-29-baku\/"},"modified":"2024-11-27T09:37:48","modified_gmt":"2024-11-27T08:37:48","slug":"cop-29-baku","status":"publish","type":"post","link":"https:\/\/goodnewenergy.enagas.es\/en\/committed\/cop-29-baku\/","title":{"rendered":"COP29 agrees on a $300 billion annual investment to fight climate change"},"content":{"rendered":"

COP29 in Baku<\/strong>, attended by delegates from 200 countries around the world, has agreed on climate finance<\/strong>, committing developed countries to provide a minimum of $300 billion annually<\/strong> to the poorest countries over the next decade (2025-2035<\/strong>), in addition to increased funding for island countries and those that are least developed.<\/p>\n

While the financing target<\/strong><\/a> is historic, it falls far short of the demands of developing countries themselves, which, according to the agreement itself, need between 455 and 584 billion dollars per year.<\/p>\n

Financing was the central focus and the main battleground of this COP29<\/strong>. The New Collective and Quantified Goal<\/strong> (NCQG) replaces the previous one<\/strong> agreed in 2009, under which developed countries pledged to contribute $100 billion<\/strong> annually to the Green Climate Fund by 2020.<\/p>\n

The new agreement underpins the Roadmap from Baku to Belem, Brazil<\/strong> where COP30<\/strong> will take place, to make further progress towards a new collective and quantified goal of 1.3 trillion dollars<\/strong>.<\/p>\n

Simon Stiell,<\/strong><\/a> UN executive secretary for Climate Change<\/strong>, opened the summit by calling for a \u201cstrong\u201d COP, recognising that climate finance<\/strong> is a critical activity to protect the global economy and billions of lives<\/strong> and livelihoods from \u201cdevastating\u201d climate impacts.<\/p>\n

\n

Climate finance is a critical activity to protect the global economy<\/p>\n<\/blockquote>\n

Stiell stressed that the entire planet will pay a \u201cterrible price\u201d if at least two-thirds of the world\u2019s countries cannot afford to rapidly reduce their emissions. \u201cMoreover, the entire global economy could collapse if countries are unable to strengthen their supply chains,\u201d he emphasized.<\/p>\n

Global carbon market<\/strong><\/h2>\n

Countries at COP29<\/strong> also reached an agreement on carbon emissions trading and the creation of a regulated global market to meet the goals of article 6 of the Paris Agreement, which calls for countries to work together to reduce their carbon emissions. Under the scheme, a country can transfer the carbon credits it has earned by reducing its emissions to another country.<\/p>\n

\n

Countries at COP29 also reached an agreement on carbon emissions trading<\/p>\n<\/blockquote>\n

In this way, countries that emit little CO2 can sell emission allowances to those that generate more, under UN management, with guaranteed accounting and registration of transactions.<\/p>\n

According to the chair of COP29<\/strong>, financial flows from compatible carbon markets could reach $1 trillion by 2050. In addition, these flows have the potential to reduce the cost of implementing national climate plans by $250 billion per year.<\/p>\n

Enag\u00e1s at COP29<\/strong><\/h2>\n

Francisco de la Flor, Enag\u00e1s\u2019 Director of Sector and Multilateral Representation and Chairman of the ECE United Nations Gas Experts Group, attended COP29<\/strong> and participated in several sessions, where he highlighted the company\u2019s commitment to decarbonisation and its commitment to green hydrogen<\/a><\/strong> through the development of various projects in this field.<\/p>\n

\n

Francisco de la Flor highlighted Enag\u00e1s\u2019 commitment to decarbonisation and its commitment to green hydrogen<\/p>\n<\/blockquote>\n

In particular, during the session \u201cEnergy transition acceleration via stakeholder engagement in deploying & financing renewable gases\u201d, panellists, including the Enag\u00e1s executive, highlighted the importance of active collaboration<\/strong> between all stakeholders to make the financing<\/strong> and accelerated deployment of sustainable solutions<\/strong>, such as biomethane<\/strong> and renewable hydrogen<\/strong><\/a>, a reality.<\/p>\n","protected":false},"excerpt":{"rendered":"

COP29 in Baku committed developed countries to provide a minimum of $300 billion annually to the poorest countries over the next decade.<\/p>\n","protected":false},"author":8,"featured_media":7778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[432,452],"tags":[818,71,74,113,817,815],"class_list":["post-7793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-committed","category-comprometidos-en","tag-cambio-climatico-en","tag-climate-change","tag-energy-transition-2","tag-environment","tag-medioambiente-en","tag-transicion-energetica-en"],"acf":[],"yoast_head":"\nCOP29 agrees on a $300 billion annual investment to fight climate change - Good New Energy<\/title>\n<meta name=\"description\" content=\"Descubre c\u00f3mo se ha llegado al acuerdo en la COP 29 de Bak\u00fa para invertir 300.000 millones de d\u00f3lares contra el cambio clim\u00e1tico. \u00a1Entra e inf\u00f3rmate!Find out how the agreement was reached at COP 29 in Baku to invest $300 billion against climate change. 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La compa\u00f1\u00eda tiene m\u00e1s de 45 a\u00f1os de experiencia en el sector y es el operador del Sistema Gasista espa\u00f1ol.\",\"publisher\":{\"@id\":\"https:\/\/gne-pro-beanstalk-php82.eba-ipbtvvrp.eu-west-1.elasticbeanstalk.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/gne-pro-beanstalk-php82.eba-ipbtvvrp.eu-west-1.elasticbeanstalk.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/gne-pro-beanstalk-php82.eba-ipbtvvrp.eu-west-1.elasticbeanstalk.com\/#organization\",\"name\":\"Enagas\",\"url\":\"https:\/\/gne-pro-beanstalk-php82.eba-ipbtvvrp.eu-west-1.elasticbeanstalk.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/gne-pro-beanstalk-php82.eba-ipbtvvrp.eu-west-1.elasticbeanstalk.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/goodnewenergy.enagas.es\/wp-content\/uploads\/2025\/12\/logo.png\",\"contentUrl\":\"https:\/\/goodnewenergy.enagas.es\/wp-content\/uploads\/2025\/12\/logo.png\",\"width\":260,\"height\":47,\"caption\":\"Enagas\"},\"image\":{\"@id\":\"https:\/\/gne-pro-beanstalk-php82.eba-ipbtvvrp.eu-west-1.elasticbeanstalk.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/EnagasOficial\/\",\"https:\/\/x.com\/enagas\",\"https:\/\/www.linkedin.com\/company\/enagas\/\",\"https:\/\/www.instagram.com\/enagasoficial\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/gne-pro-beanstalk-php82.eba-ipbtvvrp.eu-west-1.elasticbeanstalk.com\/#\/schema\/person\/281563b041e1d44dd058c5c5a7463e01\",\"name\":\"Ana\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/gne-pro-beanstalk-php82.eba-ipbtvvrp.eu-west-1.elasticbeanstalk.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/5e315ef3cc654eba5a35afecbf6c2ede2675d57e9be78579a09cb144bf500a04?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/5e315ef3cc654eba5a35afecbf6c2ede2675d57e9be78579a09cb144bf500a04?s=96&d=mm&r=g\",\"caption\":\"Ana\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"COP29 agrees on a $300 billion annual investment to fight climate change - Good New Energy","description":"Descubre c\u00f3mo se ha llegado al acuerdo en la COP 29 de Bak\u00fa para invertir 300.000 millones de d\u00f3lares contra el cambio clim\u00e1tico. \u00a1Entra e inf\u00f3rmate!Find out how the agreement was reached at COP 29 in Baku to invest $300 billion against climate change. 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