At cop29:t COP29, Azerbaijan helped countries take an important step and reach an agreement on climate finance, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) Simon Stiell said during his speech at the Fourth Climate Week (CW4) conference of the United Nations Framework Convention on Climate Change (UNFCCC), organized by the Ministry of Foreign Affairs, APA reports.

According to Azeri-Press News Agency, a new global climate finance target of $300 billion per year by 2035 was set. At the same time, all participants were called upon to step up efforts to increase climate finance to at least $1.3 trillion annually by 2035, Stiell noted.

Stiell highlighted that the global transition process is already generating great hope and momentum. Investment in clean energy currently exceeds $2 trillion annually. He pointed out the climate impacts that are threatening people's lives globally, citing examples such as record heat in North Africa, unprecedented wildfires in Europe, and deadly storms in Chile. These events, according to Stiell, destroy lives and livelihoods, damage infrastructure, disrupt economies, and increase inflation. However, he emphasized that the answer lies in leadership, cooperation, and transformation, not retreat.