Azerbaijan To Launch New Climate Finance Initiatives Within COP29

Azerbaijan intends to launch new initiatives on climate financewithin COP29, Deputy Minister of Economy of Azerbaijan SahibMammadov said during a meeting of the Joint Government-UN SteeringCommittee on the implementation of the 'United Nations SustainableDevelopment Cooperation Framework 2021-2025', Azernews 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 organisations andcompanies to host 'Side events', fostering collaborativeinitiatives, assisting in conceptualising 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 centre 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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