2024-03-29 11:46:33
Bold decisions on emissions reduction commitments need to be made at COP29 in Azerbaijan this November.
As Day.Az reported on Wednesday with reference to the International Gas Union (IGU), the Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) Simon Steele said this.
Steele mentioned that COP29 will be a “conference of opportunity” focused on significantly expanding climate finance.
“Finance is a critical factor in the global climate fight. It’s easy to announce goals with the assumption that either it will all be done cheaply or consumers and industry will bear the full cost of achieving the goals,” he said.
Charles Ellinas, a non-resident senior fellow at the Atlantic Council’s Global Energy Centre, said in an analysis published by the IGU that the achievements of the COP so far, especially COP28, will have little impact unless they are fully realized through real action.
“The key to this is identifying the levels of funding and the mechanisms needed to implement them.
The energy transition, climate adaptation, and disaster relief in general require enormous funding and investment, amounting to trillions of dollars annually, to turn ambition into action. Implementation and financing must be key goals of COP29,” he added.
The expert further mentioned that multilateral development banks and the private sector need to collectively raise US$2.4 trillion annually to finance the fight against climate change.
“But to achieve this, multilateral development banks need to be reformed to ensure that more concessional financing and grants are provided to developing countries, rather than debt financing. Private sector participation will require access to public capital markets and ensuring that public funds can be used for sustainable projects “Azerbaijan’s vision for COP29 is focused on technology transfer, water management and peace. It is also a signal that the success of COP28 shows that it makes sense to have ‘fossil fuel exporters under the COP umbrella,'” Ellinas said.
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 will become the center of the world and 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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