European Delegation Continues Intensive Talks On Climate Financing - German FM
Date
11/22/2024 7:10:27 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 22. The European
delegation is continuing its intensive negotiations on climate
financing, German Foreign Minister Annalena Baerbock said at a
press conference as part of COP29 in Azerbaijan's Baku, Trend
reports .
"Climate financing is impossible without reducing CO2 emissions,
and reducing CO2 requires funding to ensure that all countries can
implement it. In this context, we, as the European delegation,
continue our intensive negotiations on the text. This means that we
are building our actions based on what was powerfully and
decisively agreed upon last year: tripling the pace of renewable
energy development, doubling energy efficiency, and, most
importantly, finding pathways to phase out fossil fuels.
This is critically important for ensuring that currently
mobilized funds are directed toward accelerating the energy
transition in countries where it is still lagging behind. This
includes developing energy storage systems, building
infrastructure, and creating conditions to phase out coal in
countries where coal-fired power plants are still operational, just
as is already happening in industrialized nations, particularly in
Europe. This is also a matter of climate justice," she said.
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