COP29 Set To Thoroughly Reassess Issue Of Climate Finance
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 6. The issue of climate
finance is planned to be completely reconsidered at COP29, COP28
Director, Climate Finance, Samir Suleymanov said, Trend reports.
He made the remark during today's panel discussion themed
"Empowering and accelerating green transition: strategies for COP29
and for the Green World" at the 29th Baku energy Forum in
Azerbaijan.
According to him, Baku has a strong chance of achieving
significant results at the United Nations Climate Change Conference
(COP29).
"The intention is to strategically address the issue of climate
finance at COP29. The goal is to shift focus from a purely
mechanical analysis of the parties responsible for funding climate
change mitigation measures and the specific extent of their
contributions.
Climate finance will be seen as a significant opportunity for
all countries to establish decarbonized economies after examining
commitments from northern, western, and developing economies. This
is a rare opportunity to move to a sustainable industrial
revolution based on decreasing carbon emissions," added
Suleymanov.
To note, this November, Azerbaijan will host COP29. This
decision was made at the COP28 plenary meeting held in Dubai on
December 11 last year. Baku will become the center of the world and
will receive about 70–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an
agreement signed at the Earth Summit in Rio de Janeiro in June 1992
to prevent dangerous human interference with the climate system.
COP-the Conference of the Parties-is the highest legislative body
overseeing the implementation of the Framework Convention on
Climate Change. There are 198 countries that are parties to the
Convention. Unless the parties agree otherwise, the COP is held
annually. The first COP event took place in March 1995 in Germany's
Berlin, and its secretariat is located in Bonn.
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