(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 6. Private sector should
engage in achieving a new target of climate action financing,
Climate Action Center of Excellence (CACE) Director Alexandra
Soezer said, Trend
reports.
She made the remark during today's panel discussion themed
"Empowering and accelerating green transition: strategies for COP29
and for Green World" at the 29th Baku energy Forum in
Azerbaijan.
"COP29 is expected to set a new target for climate action
financing, the so-called new collective quantitative goal for
climate finance. This target is anticipated to attract financing at
a minimum level of $100 billion per year.
However, this cannot be achieved through public funds alone.
Therefore, public funds are expected to be combined with private
sector investments to increase the amount of climate financing
needed for the transition to a green economy, particularly to help
developing countries move away from fossil fuels," Soezer
added.
According to her, COP29 is also expected to place additional
emphasis on the importance of active private sector participation
in the energy transition.
To note, over 600 delegates are participating in the forum,
which began on June 5, representing a diverse range of countries
including Australia, Austria, Belarus, Belgium, Bulgaria, China,
the Czech Republic, Finland, France, Georgia, Hungary, India,
Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands,
Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia,
Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This
year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance
for Azerbaijan and the broader Caspian region, focusing primarily
on considerations and financing related to energy security, energy
transition, and green energy projects.
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 Berlin,
and its secretariat is located in Bonn.
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