BAKU, Azerbaijan, November 19. Climate neutrality by 2050 remains the goal of the European Union (EU), State Secretary for Energy and Climate Affairs of the Hungarian Ministry of Energy Attila Steiner, speaking on behalf of the EU, said at the COP29 summit today, Trend reports.
According to him, the European Union and its 27 member states continue to lead global climate policy, striving for transparent and ambitious implementation of climate commitments.
"We are already feeling the consequences of inaction. Now more than ever, it is crucial for all countries to join forces to achieve balanced solutions," he pointed out.
The official emphasized that the EU highlights the importance of meeting the targets set in the Paris Agreement, including limiting global warming to 1.5°C.
"One of the key tasks is attracting financial resources to implement climate initiatives, particularly to support vulnerable countries. Public funds alone are insufficient; we need to more actively utilize international carbon markets to ensure that developing countries have access to effective solutions," Steiner underlined.
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 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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