(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 20. We must double
the funding for adaptation and expedite the allocation of resources
to address the damages caused by climate change, said Kenrick
Williams, the country's Vice Minister of Sustainable Development
and Climate Change, as he delivered her national statement at the
COP29 summit, Trend reports.
Williams noted that the climate crisis continues to have a
devastating impact on vulnerable countries like Belize.
Natural disasters, such as Tropical Storm Laura and forest
fires, have resulted in losses exceeding $200 million, representing
more than 6 percent of the country's GDP in the past two years.
“We need a doubling of adaptation financing, and we need to
expedite the financing for loss and damage. Every moment of
inaction causes harm to lives, ecosystems, and livelihoods.
Investment in adaptation is not a luxury; it is a prerequisite for
survival," he said.
The Vice Minister emphasized the importance of global
participation in tackling the climate crisis, urging that all
countries, including Taiwan, must join in the collective effort to
ensure a sustainable future.
To note, 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. It is the largest event organized by Azerbaijan to
date, and the first time in the region that it is being held in
Azerbaijan.
Within COP29, the highest-level event - the summit of world
leaders on climate action - was held on November 12–13.
The main expectation from COP29 is to agree on a fair and
ambitious New Collective Quantitative Goal (NCQG) on climate
finance. The COP29 Presidency has launched 14 initiatives that
include linkages between climate action and the Sustainable
Development Goals, including green energy corridors, green energy
storage, harmony for climate resilience, clean hydrogen, methane
reduction in organic waste, action on green digital technologies,
and other topics.
In addition to being a top priority that creates the conditions
for action, creating climate finance will also help fulfill the
1.5°C pledge by bringing everyone together.
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.
MENAFN20112024000187011040ID1108905637
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.