INTOSAI Unveils Climate Scanner's Preliminary Results At Baku's COP29

11/14/2024 7:16:50 PM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 14. A conference titled "At What Stage Are governments in Their Climate Action? Climate Scanner Assessment Results" was held at the ongoing 29th session of the conference of the Parties to the United Nations Framework convention on Climate Change (COP29), Trend reports.

The event was organized by the Azerbaijani Chamber of Accounts and the International Organization of Supreme Audit Institutions (INTOSAI).

According to preliminary results presented by Brazil's supreme audit institution, 73 percent of countries do not report climate-related expenditures or only have mechanisms to track domestic climate finance.

This weakens government oversight of both direct and indirect spending in climate action. Additionally, there are significant gaps in tracking private sector investments in climate-related activities, with many countries lacking sufficient transparency. Notably, 41 percent of countries have not published reports on climate finance and investments.

The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11.

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 (Conference of Parties) stands for“Conference of Parties” and 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 decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.

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