BAKU, Azerbaijan, November 14. COP29, the 29th Conference of the UN Framework Convention on Climate Change, hosted by Azerbaijan, has reaffirmed the nation's international stature. This significant event elevated Azerbaijan to a prominent place on the global stage, establishing Baku as the hub of international climate diplomacy. The involvement of 72,000 delegates from 196 nations, comprising 80 heads of state, vice presidents, and prime ministers, once again demonstrated that Azerbaijan is perceived as a reliable partner.
One of the sticking points that remained unresolved in the Paris Agreement was the 6th article, which lays the groundwork for the regulation of carbon markets. Advancements on this problem during COP29 were a pivotal moment in the evolution of global climate policy. The mechanisms governing the worldwide exchange of carbon credits and climate finance are crucial, particularly for developing nations. The accord established with the leadership of the US and the EU further enhanced the historical importance of the event orchestrated by Azerbaijan.
The Paris Agreement, adopted in December 2015 in Paris at COP21 (21st Conference of the UN Framework Convention on Climate Change), has made history as the most important legal instrument in the fight against global climate change. The main goal of the agreement is to keep global warming below 2°C compared to the period before the Industrial Revolution and to bring the limit as close to 1.5°C as possible. This goal requires joint action by both developed and developing countries and provides a common framework for global cooperation.
The main provisions of the agreement are the following:
Mitigating global warming. The Paris Agreement mandates that each nation submit its Nationally Determined Contribution (NDC) plans to mitigate global warming. These programs delineate specific measures that nations might implement to mitigate carbon emissions and enhance environmental sustainability.
Reducing carbon emissions: The agreement's primary objective is to attain zero carbon emissions by 2050. To accomplish this, initiatives include the transition to renewable energy sources, the advancement of sustainable technology, and the conservation of forest ecosystems are vital.
Financial support: The Paris Agreement mandates that developed nations offer financial assistance to developing nations for initiatives aimed at mitigating the impacts of climate change. A climate fund of $100 billion annually was established for this purpose.
The deal paves the way for countries to join forces, pooling their know-how and tech to tackle the stormy weather brought on by climate change.
The Paris Agreement is not only a legal document but also a platform for global cooperation, and within the framework of the agreement:
- developed countries have committed to developing clean energy technologies and sharing these technologies with developing countries.
- international financial institutions have established new mechanisms to support developing countries as they mitigate climate change.
The deal rolls out the red carpet for both the public and private sectors to jump on the bandwagon in the battle against climate change.
Azerbaijan joined the Paris Agreement in 2016 and is taking various measures to contribute to the global climate policy. According to Azerbaijan's Nationally Determined Contributions (NDCs), it is planned to reduce carbon emissions by 35 percent by 2030 compared to 1990 levels.
In the meantime, let’s take a stroll down memory lane and revisit the steps Azerbaijan has taken to hit the bullseye on these targets:
Clean Energy Production: In addition to increasing the use of natural gas, Azerbaijan is implementing wind and solar energy projects.
Green technologies: The application of green technologies is expanding mainly in the industrial and agricultural sectors.
Environmental projects: Important steps are being taken in the field of afforestation and biodiversity protection.
Azerbaijan is also strengthening cooperation with international partners to obtain international financial and technological support for climate change mitigation and adaptation measures.
While the Paris Agreement represents a pivotal global initiative, its execution encounters a multitude of hurdles.
As per the latest insights from 2023, we are witnessing an
upward trajectory in global carbon emissions. The reality that
developed nations are not proactively engaging in this critical
arena presents significant barriers in the battle against climate
change.
The insufficient allocation of fiscal resources by advanced
economies to emerging markets, totaling 100 billion dollars
annually, is obstructing advancement under the Paris Agreement.
The fragmentation of collaboration among certain nations in the
battle against climate change is undermining the impact of
worldwide initiatives.
The scarcity of assets for the shift towards sustainable energy
innovations in emerging economies constrains their engagement in
the accord.
The Paris Agreement represents a pivotal moment in international climate policy, with its effective execution reliant only on global collaboration. To meet the 2030 and 2050 objectives, all nations must expedite the shift to clean energy sources to diminish emissions, enhance international financial assistance for developing country initiatives, and mitigate environmental impacts by implementing green technologies in the industrial sector.
The Paris Agreement is the paramount international instrument embodying the collective effort to combat climate change. The successful implementation will mitigate the effects of global warming and promote environmental sustainability. Azerbaijan not only fulfills its obligations under this agreement but also enhances its leadership in environmental policy both regionally and globally. This method is strategically significant for the economic prosperity and environmental security of Azerbaijan.
The climate financing accords established at COP29 have created new prospects for global sustainable development. The World Bank declared an escalation of its funding commitments to $170 billion. The EU and other international financial organizations have committed supplementary resources to climate funds for developing nations. These monies will be allocated for the introduction of renewable energy technology, the reduction of carbon emissions, and the execution of environmental initiatives.
Azerbaijan has enhanced its relationships with international financial institutions and has attained a prominent role in global climate policy through this event. The exceptional organization and diplomatic initiatives demonstrated during COP29 enhanced Azerbaijan's standing in the global arena. Azerbaijan established a significant platform for enhanced collaboration with global leaders and financial institutions at the event.
COP29 significantly influenced Azerbaijan's domestic development plan. The proliferation of clean energy programs, the implementation of green technologies, and novel measures to mitigate carbon emissions will enhance the competitiveness of the nation's economy. Azerbaijan's sustainable energy policy has new prospects for fulfilling domestic requirements and serving as a model in global climate policy.
The orchestration of the event showcased by Azerbaijan during COP29 garnered significant accolades from global leaders. The optimization of security protocols, the seamless experience curated for attendees, and the showcase of Baku's cutting-edge infrastructure collectively elevated the event to an exceptional standard. The participants highlighted that Azerbaijan has executed the event with exceptional precision, showcasing excellence in both organizational strategy and content delivery.
In the wake of the transformative outcomes of COP29, certain factions within Western spheres have engaged in strategic maneuvers aimed at undermining the event's credibility. The International Community decisively dismissed unfounded allegations regarding critiques of Azerbaijan's climate strategy. The strategic initiatives of the Azerbaijani government catalyzed the triumph of the event, effectively neutralizing any potential boycott efforts from Western entities. Consequently, COP29 reaffirmed Azerbaijan's pivotal role in the landscape of climate policy.
COP29 holds strategic significance for Azerbaijan, both regarding its global influence and its internal advancement. The primary focuses of Azerbaijan's Development Strategy include new clean energy initiatives, the establishment of an environmentally friendly economy, and the enhancement of international partnerships.
COP29 has emerged as a venue for Azerbaijan to actualize its aspirations for leadership in international affairs. The agreements established at the event, new climate finance efforts, and the focus of international leaders on Baku enhanced Azerbaijan's prominence on the global scene. Baku was recognized as a hub for significant diplomatic and environmental decision-making, both regionally and globally. COP29 has elevated Azerbaijan's international standing and created new opportunities for a sustainable future. This will augment Azerbaijan's strategic significance and secure the nation's enduring leadership in the global arena.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) opened on November 11. COP29, which is being held at the Baku Olympic Stadium, will continue until November 22. 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 key expectation from COP29 is to agree on a fair and ambitious New Collective Quantified Goal (NCQG) on climate finance.
A comprehensive array of 14 strategic initiatives has been proposed by the COP29 Chairmanship.
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