BAKU, Azerbaijan, November 11. Understanding how the funds allocated for the New Collective Quantified Goal (NCQG) on Climate Finance are utilized to meet relevant indicators is crucial, said Partha Hefaz Shaikh, a representative from the Center for Joint Research and Development, Trend reports.
Speaking at a panel session themed “Implementing the Paris Agreement and ensuring fair and legal distribution of climate finance for the most vulnerable countries” at COP29 in Baku, Shaikh highlighted the global security challenges at hand.
"On the other hand, it’s crucial to recognize that we have the Global Goal on Adaptation (GGA) alongside several related indicators. These cover various aspects, including mitigation, adaptation, loss and damage compensation, and maintaining balance. Special focus is placed on the NCQG and the GGA. Now, we have clear indicators that must be met, and it’s vital to understand how the funds allocated through the NCQG are being used to achieve these objectives. This is an issue that demands attention from the entire UNFCCC structure and throughout the negotiation process. We need clarity on the approaches and resources that will be employed to reach these targets. This is a matter that requires collective focus, and we hope that negotiators and all participants will provide a thorough analysis of this issue," he added.
Shaikh also highlighted the importance of monitoring how the indicators for the GGA are being met.
"These are the expectations that the people of Bangladesh place on negotiators, hoping that they will begin discussions and conduct a thorough analysis of these issues. We have only one world, and we must think about that. As we cross boundaries, we must remember the vulnerable people around the world," he added.
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 today at the Baku Olympic Stadium.
The event is the largest organized by Azerbaijan to date and is the first time the region has hosted the event in Azerbaijan. Within COP29, the highest-level event - the summit of world leaders on climate action - will be 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.