Abbreviation for Conference of the Parties, it is positioned as the supreme decision-making body of the United Nations Framework Convention on Climate Change, adopted in 1992. About 200 countries and regions that are parties to the Convention discuss international rules to combat global warming. It is held once a year. This year it was held in Baku, Azerbaijan.

The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) was much delayed in reaching an agreement, as various figures were thrown around over the scale of climate finance, the focal point. It finally adopted a proposal to provide at least $300 billion (about 46 trillion yen) a year in aid to developing countries by 2035 mainly from public funds from developed countries, and to mobilize all other sources of public and private finance to reach at least $1.3 trillion (about 200 trillion yen) a year.

After the opening of the meeting on November 11, there were no signs of compromise between the developed countries, which were cautious about increasing the amount from $100 billion, and the developing countries, which were demanding a trillion-dollar figure. The reason for agreeing on $300 billion was the belief that a larger amount could be expected this year than next year, when the U.S. is expected to leave the region after President-elect Trump takes office.

The current target of $100 billion a year will be increased to at least $300 billion a year (about 46.4 trillion yen) by 2035, and the agreement between developed and developing countries to provide $300 billion in financial support was based on a shared sense of crisis over the damage caused by global warming. In order to increase the sustainability of the support, the challenge is to seek financial contributions from China and oil-producing countries in the Middle East.

There is much to be gained from financial contributions. Specifically, it will prevent losses associated with worsening health conditions, reduced productivity, and loss of biodiversity due to heat waves and floods. In addition, positive effects can be expected, such as improving ecosystem services, including water resources and an environment suitable for survival, and ensuring social stability. In monetary terms, these benefits will reach 15-18% of global GDP in 30 years. This is equivalent to about $16-20 trillion, an order of magnitude larger than climate finance.