Baku Initiative For Climate Finance To Hold High-Level Meeting Within COP29 (PHOTO)
Date
10/30/2024 7:14:31 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 30. The Baku
Initiative for Climate Finance,Investment, and Trade (BICFIT) will
hold a high-level meeting within COP29, Azerbaijan's Minister of
Economy Mikayil Jabbarov wrote on his X page, Trend reports.
The minister pointed out that BICFIT represents a promising
opportunity to strengthen global collaboration in areas such as
climate finance, investment, trade, and sustainable
development.
"In a video conference with UNCTAD [United Nations Conference on
Trade and Development] Secretary-General Rebeca Grynspan we
discussed preparations for the upcoming High-Level Meeting on
BICFIT, scheduled for COP29. We emphasized BICFIT's potential to
drive inclusive climate finance, harness private sector
contributions, and support global decarbonization efforts," he
added.
The 29th session of the Conference of the Parties to the UN
Framework Convention on Climate Change (COP29) will be held in
Azerbaijan in November this year. The decision was made at the
plenary meeting of COP28 held in Dubai on December 11 last
year.
The UN Framework Convention on Climate Change is an agreement
signed at the Rio Earth Summit in June 1992 to prevent dangerous
human interference in the climate system. The acronym COP stands
for Conference of Parties, which is the highest legislative body
overseeing the implementation of the Framework Convention on
Climate Change.
A total of 198 countries are parties to the convention. Unless
otherwise determined by the parties, COP is held annually. The
inaugural COP event took place in March 1995 in the bustling city
of Berlin, Germany, with its secretariat nestled in Bonn.
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