(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 10. COP29's new
climate finance target must ensure funding to implement UAE
consensus, UAE Minister of industry and Advanced Technologies, CEO
of the Abu Dhabi National Oil Company (ADNOC) Sultan bin Ahmed Al
Jaber said, Trend
reports.
He made the remark during the preliminary meeting of the
Conference of the Parties to the UN Framework convention on Climate
Change (Pre-COP29) in Baku today.
"The new collective quantified goal for financing climate action
at COP29 must ensure funding to implement the UAE consensus,
reflecting the scale of the challenges everyone faces," he
explained.
"We must allocate resources to the most vulnerable populations
to help them enhance their resilience to climate change and recover
from its impacts. All previous commitments must be fulfilled. This
is a moment of truth. Previous commitments must be honored," the
CEO added.
According to him, the global landscape demands dependable and
resilient carbon markets to catalyze investments in both mitigation
and adaptation strategies.
"We simply cannot afford any more delays. When it comes to
mitigation and adaptation, we must treat them as equals. Parties
must achieve a coordinated goal of doubling adaptation funding and
integrating fully funded strategies into their national adaptation
plans," Al Jaber added.
Pre-COP is typically held a month before the main COP conference
and aims to align the participants of the Paris Agreement on key
issues related to climate change.
This year, Pre-COP29 in Baku carries the theme, "Raising
Ambitions and Ensuring Action."
The opening ceremony will feature speeches from the COP29
President Designate, Azerbaijan's Minister of Ecology and Natural
Resources Mukhtar Babayev and CEO of the Abu Dhabi National Oil
Company (ADNOC) Sultan bin Ahmed Al Jaber.
The expected speakers also include UN Deputy Secretary-General
Amina Mohammed, Executive Secretary of UNFCCC Simon Stiell, and
other officials.
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 with its secretariat in Bonn.
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