2024-04-14 06:25:28
Source: Trend International Information Agency
Possible green energy deals at Azerbaijan could double gas exports to Europe as it prepares to host the next Climate Summit in 2024″>COP29 in Azerbaijan could open up access to wider markets.
As Day.Az reports, General Director of the Romanian consulting company SMARTLINK COMMUNICATIONS, global analyst, consultant and researcher Radu Magdin told Trend about this.
He believes that Azerbaijan will have many opportunities at COP29 this year, as the country can work together with other states to achieve climate goals in the region and beyond, promoting cooperation by helping to address unique issues.
“Above all, Azerbaijan’s strategic location as an energy hub provides an opportunity for foreign stakeholders to engage in discussions related to the transition from fossil fuels to renewable energy sources. Green energy deals expected during COP29 could provide economic opportunities and access to broader markets,” Magdin said.
In addition, foreign stakeholders can take the opportunity at COP29 to demonstrate their commitment to climate action and sustainable development, the expert said.
“Hosting COP29 in Azerbaijan will contribute to Azerbaijan’s closer integration with the European community, especially given its role as an alternative gas supplier to the EU. Azerbaijan’s participation in climate action discussions could therefore further improve its economic ties with Europe,” he added.
It should be noted that the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held in Azerbaijan this November. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Within two weeks, Baku, having become the center of the world, will receive about 70-80 thousand foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. The abbreviation COP (Conference of Parties) stands for Conference of the Parties, which is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
There are 198 countries that are parties to the convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
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