(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 25. COP29 presidencyaims to agree on a new climate finance goal, said Mukhtar Babayev,Azerbaijan's Minister of Ecology and Natural Resources, COP29President, Trend reports.
"When we convene at COP29 to agree on a new goal, we will assesswhat has been accomplished elsewhere to ensure that our resourcesare utilized to the fullest extent possible. The COP29 presidencycollaborates with numerous parties, and we require everyone tofulfill their role in building momentum," he said, as he spoke atthe the 15th Petersberg Climate Dialogue.
Mukhtar Babayev pointed out that finance is one of the key toolsto translate ambitions into actions, and the world needs tosignificantly increase the flow of climate finance by multiplefactors.
"We must address the issues that hinder the developing worldfrom realizing its ambitions. It is crucial to agree on a climatefinancial goal, as this will play a pivotal role in our plan togenerate momentum and foster mutually reinforcing actions. Settingthe new collective goal on climate finance will requireconsideration of many interconnected elements. The ad hoc workinggroup has identified various options for different aspects of a newgoal. Climate finance has been a challenging topic over the years,and there is no single initiative that will unlock climate financeand deliver the necessary multiples," the president explained.
Azerbaijan will host the 29th session of the Conference of theParties to the UN Framework Convention on Climate Change (COP29) inNovember this year. The decision was made at the plenary meeting ofCOP28 held in Dubai on December 11 last year. Within two weeks,Baku, having become the center of the world, will host about70,000–80,000 foreign guests.
The UN Framework Convention on Climate Change is an agreementsigned at the Rio Earth Summit in June 1992 to prevent dangeroushuman interference in the climate system. The acronym COP(Conference of Parties) stands for Conference of Parties, which isthe highest legislative body overseeing the implementation of theFramework Convention on Climate Change.
The parties to the convention are 198 countries. Unless theparties have decided otherwise, COP is held annually. The first COPevent was held in March 1995 in Germany's Berlin, and itssecretariat is located in Bonn.
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