(MENAFN- AzerNews) The European Union and Azerbaijan will continue to strengthencooperation on energy policy with a key focus on developingrenewable energy sources and improving energy efficiency ahead ofthe 29th session of the Conference of the Parties to the UNFramework Convention on Climate Change (COP29), and the Azerbaijanipresidency will be key to joining efforts to further reducingemissions, Tim McPhie, Azernews reports thatSpokesperson for Climate Action and Energy at EuropeanCommission.
According to him, COP29 will be the first stage of assessing theimplementation of the commitments made by the parties at lastyear's session - COP28 in Dubai, to triple the capacity ofrenewable energy sources and double energy efficiency.
"It will be important to showcase progress in this area fromcountries around the world, including our hosts, and to buildmomentum for further action," he said.
McPhie said they expect Azerbaijan's Presidency to play animportant role in bringing parties together to continue momentum onemissions reductions.
"The number one priority to tackle climate change is for allparties to reduce their greenhouse gas emissions, and to adoptNationally Determined Contributions which are aligned with theParis Agreement. Baku will be an important stepping stone towardsthe submission next year of new NDCs, looking beyond 2030. COP29will also be important for discussion and decisions about futureclimate finance," he said.
McPhie noted that the COP sessions are a crucial tool foradvancing work on tackling climate change through globalaction.
"They have become increasingly important in recent years, asclimate action becomes more urgent and we experience the harmfuleffects of climate change around the world. The Paris Agreement hasset a clear framework for cooperation between Parties, and targetswhich almost 200 countries have committed to, to limit globaltemperature change to 1.5C. It is increasingly clear what theeconomic costs of climate change are, and the fact that it makesmore economic sense to take action now, rather than trying torespond to catastrophes later. A study published this week suggeststhat inaction could cost us 20% of global income in the coming 25years, and that the costs of inaction are six times higher than thecost of investing in the green transition," he said.
He also reminded that the EU and Azerbaijan have already signeda Memorandum of Understanding which includes the topic of renewableenergy.
"Azerbaijan has a tremendous potential, in particular inoffshore wind and green hydrogen. We are confident that Azerbaijanwill evolve from being a fossil fuel supplier to Europe, tobecoming a very reliable and prominent renewable energy partner inthe future. The Commission has worked to facilitate a Memorandum ofUnderstanding on wind energy cooperation between the AzeriRenewable Energy Agency and the European industry associationWindEurope. In March, the Energy Commissioner witnessed thesignature of the agreement, which will pave the way for Europeanrenewable energy companies to tap the huge wind power potential ofAzerbaijan," he said.
McPhie noted that the cooperation between Azerbaijan and EU ongas "has to be consistent with our responsibilities onclimate."
"This includes, for example, the emissions of methane, where wehave made joint commitments to reduce methane emissions throughoutthe entire gas supply chain," he said.
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