(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 27. The COP29 to beheld in Azerbaijan in November this year, should make bolddecisions on emission reduction commitments, said Simon Stiell,executive secretary of United Nations Framework convention onClimate Change (UNFCC), Trend reports via the International gas Union(IGU).
“It is easy to announce targets, with the assumption that eitherit will all be cheap, or that consumers and industry will paywhatever it takes to achieve the targets,” he noted.
Stiell said COP29 will be an“enabling COP,” focused ondrastically scaling-up climate finance –“finance is themake-or-break factor in the world's climate fight.”
Charles Ellinas, nonresident senior fellow with the AtlanticCouncil's Global Energy Center, said in his analysis published byIGU that the achievements of COPs so far, especially COP28, willnot mean much unless they are fully implemented through tangibleactions.
“Key to that is to put in place the funding levels andarrangements required to deliver them.
Energy transition, climate adaptation, loss and damage, anddisaster relief in general, require huge funding and investments-running into trillions of dollars annually – to turn ambition intoaction. Implementation and funding should be the key goals ofCOP29,” he added.
The expert went on to add that Multilateral development banks(MDBs) and the private sector need to collectively raise $2.4trillion annually for climate funding.
“But in order to deliver this, MDBs need to be reformed toprovide more concessional funding and grants to developingcountries, rather than debt-finance. Involvement of the privatesector would require getting access to public capital markets andmaking sure public funds are deployable for sustainable projects addition, countries will need to update and improve targets andactions in their next round of NDCs, due in 2025, that turn COPdecisions into reality. Azerbaijan's vision for COP29 is:technology transfer, water and peace. It is also sending themessage that the success of COP28 shows it makes sense to have“fossil fuel exporters inside the COP tent,” noted Ellinas.
Azerbaijan will host the 29th session of the Conference of theParties to the UN Framework Convention on Climate Change (COP29)this November. This decision was reached during the COP28 plenarymeeting held in Dubai on December 11, 2023. In less than two weeks,Baku is poised to become the epicenter of global climatediscussions, welcoming an estimated 70,000 to 80,000 foreigndelegates.
The United Nations Framework Convention on Climate Change,established during the Earth Summit in Rio de Janeiro in June 1992,aims to avert perilous human interference with the climate system, an acronym for Conference of Parties, signifies the highestlegislative authority overseeing the Convention's implementation, 198 nations are party to the Convention. By default, COPsessions are convened annually unless otherwise decided by theparticipating parties. The inaugural COP convened in March 1995 inBerlin, with its secretariat headquartered in Bonn.
As Azerbaijan prepares to host COP29, it assumes a pivotal rolein advancing global efforts to address climate change, underscoringthe urgency and importance of international cooperation incombating environmental challenges.
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