COP29 will usher in a new era of climate finance, said the European Commissioner, Wopke Hoekstra, at the closing plenary session of COP29, Azernews reports.

"The European Union and its Member States will continue to play a leading role in this process. We have worked actively with all participants to significantly increase the volume of financing. We have tripled the target of 100 billion dollars and consider this target ambitious, necessary, realistic and achievable," he noted.

The European Commissioner stressed that all countries with the capacity should contribute to climate finance.

"We are working hard to support those who are most vulnerable. Access to finance will be easier, and we have agreed to increase funding for adaptation measures. This is especially important, since public funds are the key driver in this area.

"Increasing the donor base on a voluntary basis is an important step, given the scale of the problem. We also see a historic increase in the role of multilateral development banks in supporting this transition, which in turn will attract significantly more private funds. This is the approach we need to achieve the $1.3 trillion target," Hoekstra concluded.

The 2024 UN Climate Change Conference (UNFCCC COP 29) was held in Baku, Azerbaijan on November 11-22.

The event gathered world leaders and negotiators from the member states (or Parties) of the UN Framework Convention on Climate Change (UNFCCC) to further global progress, with business leaders, young people, climate scientists, Indigenous Peoples, and civil society sharing insights and best practices to strengthen global, collective and inclusive climate action.

Among the key priorities of COP 29 are securing a new goal on climate finance, ensuring every country has the means to take much stronger climate action, slashing greenhouse gas emissions and building resilient communities.