(MENAFN- AzerNews) Nazrin Abdul, AZERNEWS
In an unprecedented move this November, Azerbaijan is set totake centre stage as the host of the 29th session of the Conferenceof the Parties to the UN Framework Convention on Climate Change(COP29), marking the largest international event of its kind.
Renowned as a leading state in the South Caucasus region,Azerbaijan has carved out a reputation as a steadfast and reliablepartner within the modern international arena. Acting as a pivotaleconomic, political, and humanitarian hub, the nation stands poisedto address one of the most pressing challenges of our time: climatechange.
The reality of climate change confronts every nation on Earth,demanding collective action and shared responsibility from theinternational community. The widespread reliance on fossil fuelshas triggered a surge in greenhouse gas emissions, propellingglobal temperatures to unprecedented levels and ushering in a newera of erratic weather patterns and escalating naturaldisasters.
The significance of COP29 transcends mere diplomaticengagements; it embodies a profound obligation shared by nationsworldwide. Central to this obligation is the imperative need forfinancial mobilisation to combat climate change effectively protracted negotiations, countries have consistentlyunderscored the necessity for robust financial support spanningclimate mitigation, adaptation, and resilience efforts. Pledges toestablish a $100 billion fund have been reiterated by bothdeveloped and developing nations, setting the stage for COP29 tocatalyse tangible progress in fulfilling these commitments.
Addressing the pivotal role of finance in climate action,President Ilham Aliyev emphasised during the opening ceremony ofthe 6th World Forum on Intercultural Dialogue the criticalimportance of financial resources in addressing climate-relatedchallenges. Indeed, financing mechanisms lie at the heart ofCOP29's agenda, serving as a linchpin for translating climateaspirations into concrete realities.
In a comment for Azernews on the issue, AyazMuseyibov, advisor to the executive director of the Centre forAnalysis and Communication of Economic Reforms, advocates for amultifaceted approach encompassing innovative financial instrumentsand inclusive partnerships.
Museyibov underscores the imperative of harnessing traditionaldevelopment models in tandem with innovative strategies to fostersustainable progress and catalyse transformative change. First ofall, Ayaz Musayibov noted that in order to prevent the negativeconsequences of climate change, financial resources should beattracted from all possible sources.
"Because the fight against climate change is important not onlyfrom the social, health, and environmental aspects, but also fromthe economic point of view, and we understand how much economicdamage climate change can cause on a global scale. Such a mechanismcan be established with the inclusive partnership of states,international organisations, industrial sectors, individuals, and,in short, all stakeholders."
Museyibov also emphasised the importance of applying innovativefinancial mechanisms in this field.
"In general, the strategic development framework of any fieldand direction should include a two-dimensional approach.
The first of these is traditional development models, that is, theuse of traditional methods (infrastructure, regulation,communication, etc.) to achieve the goals we want to achieve, andthe second is the continuous application of innovations and newmethods and approaches.
According to the expert, it is in this form that a continuousdevelopment cycle can be established and all "enablers" can be setin motion.
"Here, it can be more useful to approach the issue of innovativefinance from this perspective. This means introducing new financialmodels to support solutions that need to be solved on a globalscale. For example, incentives and attractive programmes can beapplied to companies investing in areas of strategic importancefrom the point of view of climate issues. The main goal is to usethe financial resources in the most effective way possible to meetthe climate commitments."
Embracing a holistic vision of climate finance, Museyibovadvocates for incentivizing investments in climate-resilientsolutions and leveraging the transformative potential of FourthIndustrial Revolution technologies to preemptively mitigateclimate-related risks. By embracing "climate-friendly" approaches,nations can avert costly environmental repercussions and chart acourse towards sustainable development.
"The issue of climate-related prevention and damage reduction isalso important here. That is, we have to decide on a global scalewhether we should build a production or processing area with aninvestment of 100 million manats, and then spend a few hundredmillion funds to combat the consequences it causes to the climate,or whether we should also apply "climate-friendly" approaches andtechnologies of the Fourth Industrial Revolution. We must preventsuch costs by doing so."
Against this backdrop, Azerbaijan emerges as a beacon ofenvironmental stewardship, spearheading initiatives to harnessrenewable energy sources and transition towards a cleaner, greenerfuture. With ambitious targets to slash greenhouse gas emissions by35% by 2030 and 40% by 2050 compared to 1990 levels, Azerbaijan'shosting of COP29 signifies a pivotal milestone in its trajectorytowards a sustainable, resilient, and inclusive green economy.
In essence, COP29 not only symbolises Azerbaijan's commitment toglobal climate action but also embodies a testament to the nation'sunwavering dedication to shaping a more equitable, prosperous, andsustainable world for generations to come.
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