2024-04-27 12:08:07
The COP29 Presidency aims to agree on a new climate finance target.
As Day.Az reported on Thursday, this was stated by the Minister of Ecology and Natural Resources of Azerbaijan, President of COP29 Mukhtar Babayev, speaking at the 15th St. Petersburg Climate Dialogue.
“When we meet at COP29 to agree on a new target, we will assess what has been achieved elsewhere to ensure we make the most of our resources. The COP29 Presidency works with many parties and we encourage everyone to get involved,” he said.
Mukhtar Babayev noted that finance is one of the key tools for translating ambition into action, and the world needs to significantly increase the flow of climate finance through a variety of factors.
“We must address the challenges that are preventing the developing world from achieving their ambitions. Agreeing on climate finance targets is critical as this will be key to our plan to build momentum and drive mutually reinforcing action. Setting a new collective goal for climate finance “will require consideration of many interrelated elements. The task force has identified various options for different aspects of the new goal. Climate finance has been a complex topic for many years, and there is no single initiative that will unlock climate finance,” he explained. .
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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