COP29, countries agreed on a mechanism that shows we can work together if we pull together”/>
On the first day of COP29 in Baku, countries agreed on a mechanism that shows that we can work together if we pull together.
The Minister of Economy of the Republic of Azerbaijan told reporters about this Mikail JabbarovDay.Az reports with reference to Trend.
He noted that financing is a core theme of COP29.
“I believe that we already have preliminary positive results under Article 6.4. For more than ten years it has not been possible to find a common solution. On the first day of COP29 in Baku, the countries agreed on a mechanism that shows that we can work together if we unite.
Thus, carbon market mechanisms, in our opinion, will provide the necessary resource for financing. Secondly, we also appreciate the joint statement of the multilateral development banks last night and early this morning. As noted in the joint statement, we appreciate the $120 billion annual commitment by 2030. This is significant progress. Of course, we will have to work even more diligently after this,” M. Jabbarov noted.
It should be noted that on November 11, the opening of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) took place at the Baku Olympic Stadium, which will last until November 22. The event is the largest organized by Azerbaijan to date, and is the first time it is being held in the region in Azerbaijan.
As part of COP29, the highest level event will take place on November 12-13 – the summit of world leaders on climate action.
The key expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) for climate finance.
As well as being a top priority and enabling action, creating climate finance will also contribute to the 1.5°C commitment by bringing everyone together.
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) translated from English means “Conference of Parties”, this is the highest legislative body that controls 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.
What key agreements were made during COP29 regarding climate financing and sustainability?
Interview: COP29 Insights with Economic Minister Mikail Jabbarov
Interviewer (Time.news Editor): Welcome, Minister Jabbarov. It’s a pleasure to have you here today. COP29 is already showing promising signs, particularly on the very first day. Can you tell us more about the mechanism that was agreed upon?
Mikail Jabbarov: Thank you for having me. Indeed, the first day of COP29 in Baku was remarkable. We established a mechanism that demonstrates our capacity for collaboration on climate initiatives. This development is pivotal, especially considering the challenges we’ve faced in achieving consensus in the past.
Editor: That sounds encouraging. You mentioned that financing is a core theme of COP29. Why is this aspect so crucial to the discussions here?
Jabbarov: Financing is essential because without adequate funds, ambitious climate goals remain unattainable. Our discussions stressed that to transition towards sustainable practices, we need a robust financial framework that supports both developed and developing nations. The innovative carbon market mechanisms we are exploring will significantly contribute to the financial resources required.
Editor: The carbon market mechanisms are indeed a hot topic. How specifically do you see them impacting both financing and global cooperation?
Jabbarov: The carbon market mechanisms promote collaboration between countries by allowing them to trade carbon credits. This not only incentivizes emission reductions but also opens up funding opportunities for climate-friendly projects. Essentially, by creating a financial incentive, we can unify our efforts to combat climate change.
Editor: In your remarks, you also highlighted the joint statement from the multilateral development banks regarding their $120 billion annual commitment by 2030. How significant is this funding in the context of our climate goals?
Jabbarov: This commitment is monumental. It signals a shift towards more substantial financial support for climate action, particularly in developing countries that require assistance to implement green technologies and infrastructure. It’s a strong sign of solidarity and a shared dedication to addressing climate change challenges.
Editor: With such a collective effort underway, what do you think will be the next steps moving forward in this process?
Jabbarov: The next steps involve not only maintaining momentum but also translating agreements into actionable initiatives. We need to strengthen partnerships and ensure that the mechanisms we’ve agreed upon are effectively implemented. Continuous dialog and collaboration will be key in achieving the targets we’ve set.
Editor: Thank you, Minister Jabbarov, for sharing your insights. It’s clear that you are optimistic about the developments at COP29 and the potential for real change in our collective approach to climate action.
Jabbarov: Thank you for your engagement. I believe if we all commit to the goals we’ve outlined and support one another, we can indeed make significant progress in combating climate change.