BAKU, Azerbaijan, November 20. El Salvador has completed the largest in its history conversion of public debt worth $1 billion for the protection of the ecosystem, the Minister of Environment of El Salvador Fernando Andrés López Larreynaga said as he delivered his national statement at the COP29 summit, Trend reports.
“These funds will be used to protect ecosystems, restore water basins, and ensure water security in the country,” he said.
According to the minister, El Salvador is suffering from the effects of climate change. Every year, the country faces extreme hydro-meteorological events such as floods, droughts, and rising temperatures, with devastating effects on infrastructure and ecosystems.
“Although El Salvador produces only 0.4 percent of global greenhouse gas emissions, the country suffers greatly from climate disasters. To adapt to climate change and protect ecosystems, El Salvador is implementing an ambitious strategy, including a shift to renewable energy and the promotion of electromobility. The country's energy matrix is 91 percent renewable, and the government is actively investing in green technologies and green jobs,” he noted.
According to him, as part of its climate strategy, El Salvador is developing a carbon credit market that will create cost-effective solutions to protect ecosystems. The country is also implementing an early warning system to analyze climate risks and respond to emergencies promptly.
“We are working to ensure that every decision we make helps ensure sustainable development that will not only address climate threats but also create new economic opportunities for our citizens,” the minister added.
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.
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