BAKU, Azerbaijan, November 15. As part of COP29 in Baku, Trend News Agency proudly presents COP for Hope, a special project offering an unparalleled platform to hear from world leaders and trailblazers in politics, economics, science, and ecology, all united by a shared commitment to addressing today’s pressing climate challenges.
Today, we are honored to speak with Senior Advisor to the European Commission's Climate Action Directorate Jacob Werksman at COP29.
He told Trend that new goals for climate financing are expected to be set at the event.
According to Werksman, what is needed is an ambitious yet realistic New Collective Quantitative Goal (NCQG) for climate finance, so that a new climate finance target can be established.
"It has been set at a high level, but not so high that it is unattainable. More countries need to contribute to achieving this goal.
Countries that have prospered over the past 30 years recognize their responsibility to join us in solidarity to support developing nations.
This also means acknowledging that the private sector plays a very important role in securing these investments," he 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 on November 11 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—was held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious 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.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel