(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 8. At COP29 in Baku,countries will be expected to come up with a new global goal onsupplying climate finance to poorer countries, said MukhtarBabayev, COP29 President-Designate, in an interview with TheGuardian, Trend reports.
According to Babayev, this initiative will help poorer countriescut their greenhouse gas emissions and adapt to the impacts ofextreme weather. "Some governments from the global south arecalling for the sums to reach more than $1 trillion a year".
"Large sums would be required to help poor countries updatetheir emissions-cutting plans, known as nationally determinedcontributions, or NDCs, in line with the need to limit temperaturerises to 1.5C above pre-industrial levels. It's like a triangle, transparency. It's trust between the parties. Next, finance, NDC. Today we are looking to this triangle," he said.
Mukhtar Babayev is urging countries to submit their reports wellin advance of COP29, which commences on November 11, in an effortto alleviate the impasse on finance. By demonstrating proactivemeasures to reduce emissions, adapt to climate crisis impacts, andtransparently manage received climate finance, poorer nations canreduce developed countries' grounds for withholding financialsupport.
"If all these sides deliver, if countries will submit thetransparent picture of their activities, that will also be a verygood argument for the developed world to deliver the priorities ofthe developing world,” Babayev said.“We would like to be theinterconnector," he concluded.
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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