BAKU, Azerbaijan, April 25. COP29 presidency aims to agree on a new climate finance goal, said Mukhtar Babayev, Azerbaijan's Minister of Ecology and Natural Resources, COP29 President, Trend reports.
"When we convene at COP29 to agree on a new goal, we will assess what has been accomplished elsewhere to ensure that our resources are utilized to the fullest extent possible. The COP29 presidency collaborates with numerous parties, and we require everyone to fulfill their role in building momentum," he said, as he spoke at the the 15th Petersberg Climate Dialogue.
Mukhtar Babayev pointed out that finance is one of the key tools to translate ambitions into actions, and the world needs to significantly increase the flow of climate finance by multiple factors.
"We must address the issues that hinder the developing world from realizing its ambitions. It is crucial to agree on a climate financial goal, as this will play a pivotal role in our plan to generate momentum and foster mutually reinforcing actions. Setting the new collective goal on climate finance will require consideration of many interconnected elements. The ad hoc working group has identified various options for different aspects of a new goal. Climate finance has been a challenging topic over the years, and there is no single initiative that will unlock climate finance and deliver the necessary multiples," the president explained.
Azerbaijan will host the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in November this year. The decision was made at the plenary meeting of COP28 held in Dubai on December 11 last year. Within two weeks, Baku, having become the center of the world, will host about 70,000–80,000 foreign guests.
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, which is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
The parties to the convention are 198 countries. Unless the parties have decided otherwise, COP is held annually. The first COP event was held in March 1995 in Germany's Berlin, and its secretariat is located in Bonn.