(MENAFN- AzerNews)
Nazrin Abdul
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In precisely one month, Baku will host the 29th session of the
Conference of the Parties to the UN Framework convention on Climate
Change (COP29), a prestigious event that will gather stakeholders
committed to addressing climate change. Delegates and
representatives from various sectors are expected to converge in
Azerbaijan to engage in discussions and make critical decisions
aimed at tackling this global challenge. An estimated 70,000 to
80,000 attendees are anticipated.
During COP events, governments frequently announce a variety of
initiatives designed to address climate change and demonstrate
their commitment to sustainability. These initiatives encompass a
wide range of areas, reflecting the multifaceted nature of the
climate crisis.
The COP29 Presidency has proposed 14 key initiatives to combat
climate change. These initiatives not only emphasize the importance
of collaboration but also underscore the necessity of integrating
diverse sectors to foster a sustainable future. Below, we outline
these initiatives for further consideration.
1. Climate Finance Action Fund (CFAF) - One of
the key initiatives on the COP29 agenda is the establishment of a
Climate Finance Action Fund. The primary expectation for the fund
is related to closing the existing gaps in climate finance.
It should be noted that the Fund is established through the
voluntary donations of countries and companies that produce fossil
fuels. The Fund aims to stimulate both the public and private
sectors in reducing the impact of climate change, adaptation, and
research and development, while providing highly favorable
conditions and grants for financing.
On July 19 of this year, Azerbaijan announced the creation of
the Climate Finance Action Fund (IMFF) to invest in climate action
in developing countries. The IMFF aims to be a catalyst for
public-private partnerships, mobilizing the private sector and
reducing investment risks. Additionally, the fund will have special
technical capacity to provide concessional and grant-based support
to rapidly address the consequences of natural disasters in
developing countries in need of assistance.
It should be emphasized that the Fund will begin operating after
collecting initial funds of 1 billion US dollars and securing
commitments from 10 shareholder countries to join as donors.
Notably, 50 percent of the Fund's capital will be directed
toward climate projects in developing countries that require
support for mitigation, adaptation, and scientific research
activities.
2. Baku Initiative on Climate Finance, Investment, and
Trade Dialogue - "BICFIT Dialogue"
The main goal of this initiative is to ensure global synergy by
integrating issues of climate finance, investment, trade, and
sustainable development. Regarding this initiative, COP29 President
Mukhtar Babayev stated that the proposal to create free green
economic zones worldwide could be one of the first outcomes of
BICFIT and a legacy of COP29.
We would like to inform you that the Trade and Development
Conference, represented in the Global Working Group established by
the UN for COP29, plays a coordinating role for the BICFIT
initiative put forward by Azerbaijan. Additionally, the COP29
Presidency is closely cooperating with the World Trade
Organization, the International Trade Center, and other
international partners on this initiative.
It is worth noting that on September 13, 2024, a special session
on the BICFIT initiative was organized with the participation of
countries and other partners within the Global Public Forum of the
World Trade Organization in Geneva, Switzerland.
3. Just Transition Investment Partnership (JTIP) for
Occupations and Skills -The JTIP aims to establish a
cooperation platform designed to align financial resources with
capacity development initiatives outlined in Nationally Determined
Contributions (NDCs) and National Adaptation Plans. By creating
synergies between multilateral development banks and other
financial sources, this initiative seeks to ensure that the
workforce is equipped to thrive in a green economy. This approach
underscores the importance of preparing workers for a transition
that is both just and sustainable.
4. COP29 Green Energy Zones and Corridors
Pledge: -Signatories at the ministerial level are
committing to the establishment of green energy corridors and
zones. This initiative is critical in creating the necessary
regulatory and institutional frameworks to support infrastructure
development for renewable energy. By fostering collaborative
efforts, the initiative aims to streamline the transition to green
energy sources, marking a significant step toward global
sustainability.
5. COP29 Global Energy Storage and Grids
Pledge :-With a goal of reaching 1,500 gigawatts of
renewable energy capacity by 2030-six times the level recorded in
2022-this initiative positions sustainable energy as a cornerstone
of global energy systems. By setting such ambitious targets, it
aims to galvanize nations to adopt innovative solutions and
technologies that enhance energy efficiency and sustainability.
6. COP29 Hydrogen Declaration: -This initiative
emphasizes the importance of low-emission hydrogen as a pivotal
element in the global energy landscape. By addressing regulatory,
technological, and financial challenges, the Clean Hydrogen
Initiative aims to create a clear pathway for the adoption of
hydrogen technologies. This collaborative approach between the
public and private sectors is essential for unlocking the full
potential of hydrogen as a clean energy source.
7. COP Truce Appeal (COP Ceasefire Call) An
appeal for a COP Truce, modelled on the Olympic Truce, to highlight
the importance of peace and climate action. COP Ceasefire
Call - Recognizing the complex relationship between
climate change and conflict, the COP Ceasefire Call aims to foster
peace, dialogue, and reconciliation. By mobilizing political
attention and diplomatic efforts for climate action, this
initiative seeks to mitigate the adverse effects of climate change
in conflict-prone regions, promoting stability through
collaborative environmental stewardship.
8. COP29 Green Digital Action Declaration: As
digitalization continues to reshape global industries, this
initiative focuses on reducing greenhouse gas emissions within the
ICT sector. By accelerating the green transition through a
Ministerial Declaration, it aims to leverage technology to foster
sustainable practices, paving the way for a greener digital
future.
9. The Baku Initiative on Human Development for Climate
Resilience: Investing in education, health, and
employment-particularly for youth-is essential for building a
climate-resilient future. This initiative emphasizes integrating
environmental literacy into educational frameworks, ensuring that
the next generation is equipped to address climate challenges.
10. HARMONY for Climate Resilience - The
Harmony Initiative seeks to empower farmers and rural communities
by aggregating various efforts focused on agriculture, food
systems, and water management. By fostering collaboration and
sharing best practices, the initiative aims to enhance resilience
in local communities, particularly among women and marginalized
groups.
11. COP29 Declaration on Water for Climate
Action: Bringing together governments, UN agencies, and the
private sector, the Baku Dialogue emphasizes the importance of
collaborative efforts in addressing water-related climate
adaptation. This initiative is crucial for developing integrated
solutions that enhance water security and resilience in the face of
climate change.
12. COP29 Multisectoral Actions Pathways (MAP)
Declaration for Resilient and Healthy Cities: This
initiative focuses on strengthening multi-sectoral actions in urban
areas, promoting partnerships that expand urban climate finance. By
aligning urban development with sustainability goals, MAP aims to
create healthier, more resilient cities.
13. COP29 Declaration on Enhanced Action in
Tourism: Recognizing the tourism sector's significant
contribution to global emissions, it seeks to shift tourism policy
towards sustainability. By fostering a collaborative approach, this
initiative aims to mitigate tourism's environmental impact while
promoting responsible travel practices.
14. The Baku Global Climate Transparency Platform
(BTP): This platform is designed to assist developing
country Parties in the preparation and submission of Biennial
Transparency Reports. It aims to promote collaboration and
facilitate knowledge exchange among all Parties regarding the
comprehensive implementation of the Enhanced Transparency
Framework. Additionally, the BTP seeks to enhance the mobilization
of capacity-building resources to areas where they are most
needed.
The initiatives proposed for COP29 reflect a comprehensive
approach to climate action that prioritizes collaboration,
innovation, and inclusivity. As countries prepare to meet in Baku,
these initiatives represent not only a commitment to environmental
sustainability but also a recognition of the interconnectedness of
social, economic, and ecological systems. The success of COP29 will
hinge on the collective efforts of nations to implement these
initiatives and foster a more sustainable future for all.
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