(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 22. Financing
climate action stands impossible without reducing CO2 emissions,
German Foreign Minister Annalena Baerbock said at a press
conference within COP29 today, Trend reports.
"From the outset, it was evident that the primary focus of this
climate conference is financing issues, with the aim of addressing
the significant climate challenges, damages, and losses by 2035,
along with large-scale adaptation measures, in a collaborative and,
crucially, equitable manner.
It was also clear that climate action financing is impossible
without reducing CO2 emissions. We simply won't be able to cover
all the damages on the planet if we don't urgently begin moving
toward limiting global warming to 1.5 degrees. Every tenth of a
degree of global warming makes the consequences more expensive.
This is why it was essential for us, the European delegation, to
capture the achievements we made in Dubai, especially in terms of
emissions reduction, and build further climate financing on that
basis. Climate financing is impossible without reducing CO2, and
reducing CO2 requires financing so that all countries can achieve
it," she emphasized.
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.
The main expectation from COP29 is to agree on a fair and
ambitious New Collective Quantitative Goal (NCQG) on climate
finance. The COP29 chairmanship 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.
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