The COP29 Presidency of Azerbaijan announced the agreement of the Baku Finance Goal (BFG), a new commitment to channel $1.3tn of climate finance to the developing world each year. Success on the COP29 Presidency’s top priority for the UN Climate Summit represents a significant uplift from the previous climate finance goal of $100 billion and will unlock a new wave of global investment. The Baku Finance Goal contains a core target for developed countries to take the lead on mobilizing at least $300 billion per year for developing countries by 2035. This represents a $50bn increase on the previous draft text and is the product of 48 hours of intensive diplomacy by the COP29 Presidency. It pays special consideration to support the least developed countries and small island developing states, with provisions on accessibility and transparency.
The analytical-information portal News.Az continues its series of articles, and interviews regarding climate change. As part of this series, we will be posting interviews with and videos of prominent climate and environmental experts. Our guest today is Patrice Lefeu, CEO of Climate Finance Plc . Patrice Lefeu is a Partner in charge of Climate, Sustainable Development, and Climate Finance for EY’s Middle East, Europe, India, and Africa region. He leads EY’s work with the Green Climate Fund globally in 147 developing countries. He has over 25 years of experience working with the public sector and major international organizations on R&D and innovation project finance.
