The EU secures an agreement on carbon market rules

At the UN climate change conference COP29 in Baku, the European Commission and EU member states took the lead in brokering an agreement to align global financial flows with the goals of the Paris Agreement. Acceptance a new collective quantified goal (NCQG) for climate finance EU successfully expanded the base of global contributors for climate finance. The NCQG allows more countries to contribute funds, reflecting their growing emissions and economic weight. The agreement also strengthens the role of multilateral development banks (MDBs), maximizing the leverage and impact of public funds by drawing and by mobilizing a significant amount of private finance . The parties agreed that the combined funding from all these sources should reach at least $1.3 trillion annually by 2035. (More on ec.europa.eu)