(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 8. Azerbaijan intendsto launch new initiatives on climate finance within COP29, DeputyMinister of Economy of Azerbaijan Sahib Mammadov said during ameeting of the Joint Government-UN Steering Committee on theimplementation of the 'United Nations Sustainable DevelopmentCooperation Framework 2021-2025', Trend reports.
"As the host country of COP29, we aim to introduce new climatefinance initiatives that are both more sustainable and markedlydistinct from prior efforts. Within the COP29 framework, we'vereceived numerous requests from international organizations andcompanies to host 'Side events', fostering collaborativeinitiatives, assisting in conceptualizing and aligning projectswith regional countries, enhancing expertise and capacity,exchanging knowledge on carbon taxation and trading, andfacilitating the issuance of green bonds," he said.
This November, Azerbaijan will host COP29. This decision wasmade at the COP28 plenary meeting held in Dubai on December 11 lastyear. Baku will become the center of the world and will receiveabout 70-80,000 foreign guests.
The United Nations Framework Convention on Climate Change is anagreement signed at the Earth Summit in Rio de Janeiro in June 1992to prevent dangerous human interference with the climate system- the Conference of the Parties - is the highest legislativebody overseeing the implementation of the Framework Convention onClimate Change. There are 198 countries that are parties to theConvention. Unless the parties agree otherwise, the COP is heldannually. The first COP event took place in March 1995 in Berlin,and its secretariat is located in Bonn.
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