(MENAFN- AzerNews)
Nazrin Abdul
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Azerbaijan is stepping up as a key player in the global fight
against climate change, taking on the role of chair for COP29,
which will be hosted in Baku this November. With climate change
posing a significant threat to humanity, the country is preparing
to address unresolved issues from previous conferences and is
focused on achieving a new climate financing agreement.
Expectations are high as world leaders gather to discuss critical
financial commitments aimed at bolstering efforts in both developed
and developing nations.
Regarding expectations for the COP event to be hosted by
Azerbaijan for the first time, Parvana Valiyeva, a member of the
COP29 Organizing Committee and member of the Milli Majlis (
Parliament of Azerbaijan), stated in an interview with Azertac that
the main focus of this conference will be reaching an agreement on
a new financial commitment.
"The main expectation from COP29 is to agree on a new funding
amount for climate action that developed countries will provide to
developing countries. While the previous target of $100 billion in
climate finance was due by 2020, this was reportedly only achieved
in 2022," said Parvana Valiyeva.
She noted that the primary goal of the Parties at COP29 will be
to determine this new funding amount, adding that the current
financial goal of $100 billion is insufficient to limit global
warming to 1.5 degrees Celsius above pre-industrial levels and to
address the challenges faced by the countries most affected by
climate change.
So what is climate finance?
Climate finance refers to the financial resources provided to
support climate-related projects and initiatives, particularly in
developing countries. This funding aims to help these nations
mitigate and adapt to the impacts of climate change. It can come
from various sources, including governments, international
financial institutions, and private sector investments.
Importance of climate finance:
Effective climate finance is essential for enabling sustainable
development and achieving global climate targets. It supports
technology transfer, capacity building, and the implementation of
climate action plans that align with the Paris Agreement.
According to Parvana Valiyeva, the climate finance goal should
be increased.
"This goal should be significantly raised to at least $500
billion, or even $1 trillion. The world community expects this from
developed countries, and serious work needs to be done in this
area," she said.
Ms. Valiyeva emphasized that the G7 and, to some extent, the G20
countries must understand their responsibilities in this matter:
"These countries must make appropriate decisions and reach a
consensus."
But what would happen if this target were actually
increased to, say, $1 trillion?
If the climate finance target is increased to $1 trillion,
several potential outcomes and implications could arise:
Enhanced support for developing
countries
Increased capacity: Developing nations would have significantly
more resources to invest in renewable energy, sustainable
agriculture, and climate-resilient infrastructure.
Improved adaptation: More funding could enhance efforts to adapt
to climate impacts, such as extreme weather events and rising sea
levels, thereby reducing vulnerability.
Accelerated global climate action
Faster transition to renewables: With more resources, countries
could accelerate the transition from fossil fuels to renewable
energy sources, contributing to global emissions reductions.
Innovative solutions: Increased funding could drive innovation
in climate technologies and practices, fostering a more sustainable
economy.
Strengthened international
cooperation
Global collaboration: A higher funding target may necessitate
greater cooperation among countries, leading to more collaborative
projects and shared technologies.
Equity and justice: This move could address climate equity,
acknowledging the responsibility of developed countries to support
those most affected by climate change.
Challenges in implementation
Funding mechanisms: There would need to be clear and effective
mechanisms for distributing this funding to ensure it reaches the
intended projects and communities.
Accountability and oversight: Increased funding could lead to
greater scrutiny regarding how funds are used, necessitating strong
governance frameworks.
Potential economic impacts
Economic growth: Investment in green technologies and
infrastructure could stimulate job creation and economic growth in
both developed and developing countries.
Market shifts: A significant increase in climate finance could
shift investment trends, encouraging private sector involvement and
driving the development of sustainable markets.
Political and public pressure
Expectations on developed countries: Increased targets would put
pressure on developed nations to fulfill their commitments,
potentially affecting international relations and negotiations.
Public support: Greater visibility and public awareness of
climate finance needs could drive advocacy and demand for action
from governments and businesses.
Raising the climate finance target to $1 trillion could
fundamentally reshape global climate action, providing essential
resources for adaptation and mitigation efforts. However, it would
also require robust mechanisms to ensure effective and equitable
use of funds, fostering accountability and international
cooperation.
Parvana Valiyeva noted that Azerbaijan, as the chair of COP29,
is making every effort to reach an agreement on new climate
financing goals and to achieve results based on consensus.
"Azerbaijan's COP29 Presidency is striving to reach an agreement
on climate finance between developed and developing countries, and
to achieve results based on consensus. The COP29 Presidency is
calling on developed countries and international financial
institutions to take action and is working continuously to support
this goal. Additionally, regular and constructive meetings are
being held with the Parties, international organizations, and other
interested stakeholders."
As an example, she mentioned that informal consultations were
held with heads of delegations in Azerbaijan from July 25-28, 2024,
to discuss key issues on the COP29 agenda.
It should be emphasized that addressing the needs of developing
small island states is a priority for Azerbaijan, as these
countries are particularly vulnerable to the effects of climate
change. Despite their limited influence on climate change itself,
they bear the brunt of its worst consequences.
President Ilham Aliyev stated in his speech that solving the
challenges posed by climate change for developing small island
states will be among Azerbaijan's priorities as COP29 chair.
"We plan to hold the Small Island Developing States Summit
during COP in Baku. We will do everything we can to ensure that the
voices of small island developing states are heard loud and clear.
I call on all countries during COP29 to make maximum efforts to
reach an agreement that meets the needs and priorities of small
island developing states," President Aliyev said.
Parvana Valiyeva, a member of the COP29 Organizing Committee,
also emphasized this issue. "The COP29 Presidency attaches special
importance to the problems faced by Small Island Developing States
(SIDS), which suffer the most from the negative effects of climate
change. Azerbaijan's support for them is highly appreciated by the
international community," she added.
It should be noted that Azerbaijan has already demonstrated its
support for addressing the damages caused by hurricanes,
earthquakes, floods, and other natural disasters in several
developing small island states. Azerbaijan will allocate funds for
technical assistance programs through the United Nations, which
represents 33 small island developing states, as well as other
international organizations. The Republic will also support the
participation of Small Island Developing States in COP29.
Parvana Valiyeva also mentioned that Azerbaijan's chairmanship
of COP29 has been recognized by the international community.
The Future Pact was recently adopted as a key outcome of the
Future Summit held in New York on September 22-23. This document
outlines the main directions for countries' activities in the
coming years and includes a specific paragraph on COP29.
She cited the views of UN Secretary-General António Guterres and
Turkiye President Recep Tayyip Erdogan regarding COP29 as
examples.
" A number of heads of state and government referred to COP29 in
their speeches both at the Summit of the Future and during the 79th
session of the UN General Assembly. UN Secretary-General António
Guterres noted that COP29 is approaching and stated that the
outcome of the event should be a new climate finance target.
President Erdogan highlighted that financial and technological
exchange, along with capacity building, are crucial for supporting
developing countries in the context of climate change. He believes
that COP29 in Azerbaijan will contribute to addressing these
issues."
Parvana Valiyeva pointed out that during the session, developing
countries called for an increase in climate financing from the
current target of $100 billion during COP29 in Azerbaijan:
"Additionally, the Maldives, Marshall Islands, Great Britain,
Belgium, Monaco, Kenya, Fiji, and other countries referenced COP29
in their speeches in New York."
This demonstrates the significance of COP29 as a historic event
and underscores Azerbaijan's leading role in combating climate
change, one of the most pressing challenges facing the world today,
she added. Valiyeva quoted the head of state: "President Ilham
Aliyev emphasized that developed and developing countries should
contribute to the solution of climate problems within their
capabilities, rather than blaming each other for climate change.
While our country is working towards achieving a historic agreement
in Baku, the success of the Baku Agreement requires the joint
efforts and constructive participation of all Parties. All parties
have a collective responsibility in this matter."
She stated that COP29 calls on the international community to
reach a consensus on the ambitious new climate finance goal, noting
that if a consensus is not reached in Baku, it will negatively
impact the future of climate negotiations.
"As President Ilham Aliyev emphasized, our country will spare no
effort during COP29 to create a bridge between developed and
developing countries, to reach consensus, and to ensure the success
of COP29," she concluded.
In conclusion, as Azerbaijan prepares to host COP29, it stands
at the forefront of international efforts to combat climate change,
advocating for increased financial commitments from developed
countries. The importance of climate finance cannot be overstated,
as it is essential for supporting vulnerable nations and fostering
global cooperation. The discussions in Baku will be pivotal in
shaping future climate policies and commitments. With the potential
to raise the climate finance target to $1 trillion, the outcomes of
COP29 could significantly influence the trajectory of global
climate action. Collaboration and consensus among all parties are
crucial for success, underscoring the collective responsibility to
address one of the most significant challenges facing our planet
today.
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