COP29 Should Agree On New, Ambitious And Achievable Goal For Climate Finance - EU Commissioner (Exclusive Interview)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 26. COP29 should agree on a new, ambitious and achievable goal for climate finance, EU Commissioner for Climate Action Wopke Hoekstra, who recently visited Azerbaijan, said in an exclusive interview with Trend .

“This mission was an important step on the road to COP29 and meetings at technical and Political levels will intensify in the weeks and months ahead. We indeed have months to go before the COP, but it is also coming very fast, and I wanted to discuss the priorities, preparations, and ambitions for COP29 with the COP29 President-Designate H.E. Mukhtar Babayev, and other representatives of the government. I also wanted to exchange with civil society, as they are a pivotal part of the debate,” he said.

Hoekstra noted that at COP29, ministers and leaders must 1) reaffirm their commitment to transition away from fossil fuels and begin to demonstrate how they are taking steps to do so, 2) agree a new, ambitious and achievable goal for climate finance that brings confidence that the public and private resources will be there to support this transition and 3) launch an international carbon market under the Paris agreement with rules that deliver environmental integrity, transparency and accountability.

“The COP will also be milestone for the delivery of Parties first transparency reports and a moment to check that we are all in the process of design our next round of emissions reduction targets that will put us on a pathway to net zero by mid-century,” said the commissioner.

Hoekstra went on to add that Azerbaijan's own climate ambitions were also part of the focus of the visit, more specifically how Azerbaijan plans to fast-forward its own climate targets.

“During the meetings, we also exchanged on the possible COP29 Action Agenda initiatives on renewables, hydrogen, methane, storage, and grids. It was also very important for me to meet with Minister of Foreign Affairs Bayramov. The cooperation on climate and COP29 is part of a broader dialogue with Azerbaijan, in which we also discussed human rights, civil society inclusion and the peace process,” he added.

Hoekstra said that the European Commission continues the dialogue with all international partners throughout the year to achieve a successful outcome of COP29.

He noted that international cooperation in the field of climate is essential.

“Climate change knows no border and is an urgent crisis. To combat climate change efficiently, we need to think globally. In this context, COPs are moments where the whole international community meets and agrees on the future of climate policy. While the COPs get a lot of public and media attention, the process never stops.

From the EU, we consider international cooperation crucial. First, we want to provide a good example through our own ambition - we have put in place legislation to reduce emissions by 55% until 2030 and we have set a binding climate neutrality target for 2050. We have gathered extensive experience for example on pricing carbon and are keen to share our lessons learnt with other. The EU is also the biggest donor of climate finance – EUR 28.5 billion in 2022 - and we foster bilateral green alliances and just energy transition partnerships with individual partners,” the Commissioner explained.

Hoekstra went on to add that the most important will be to lead by example and stand ready to negotiate with all parties to achieve the objectives.

“We continue the dialogue with all international partners throughout the year to achieve a successful outcome. For example, I have been to the Copenhagen Ministerial, I'm now in Baku and I am having frequent discussions with many EU and non-EU countries, international organizations to make COP29 a success. At technical level, the work is also constant. The teams in the Commission are working relentlessly to advance the negotiations. They just spent two weeks in Bonn, for instance. All voices need to be heard. Climate action is to be a global responsibility, and climate change is a threat that we all face. At COP28, we managed to build bridges and make coalitions with friends from all over the world. We need to foster a similar environment to make sure no one is left behind,” he said.

The Commissioner noted that the EU and Azerbaijan have a very important strategic energy partnership.

“Actions on methane and renewables are progressing very well as well. Azerbaijan has joined the Global Methane Pledge in February 2024 and its national oil and gas company SOCAR is about to join the Oil & Gas Methane Partnership 2.0. However, as Azerbaijan is gearing up towards COP29, I was happy to learn during my visit that the country will enhance its overall level of domestic climate ambition. As COP President it sets an example for the other countries in the region and globally,” he said.

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