BAKU, Azerbaijan, June 10. Funding under the Paris Agreement is expected to be reviewed at COP29, said Kanako Mabuchi, head of the UN Resident Coordinator's office in Azerbaijan, today in Baku, Trend reports.
She made the remark at the event on "Sustainable Development: Challenges and Solutions".
"In 2015, when the Paris Agreement was signed, climate projects were earmarked for $100 billion annually. Now, at COP29, signatory states aim to establish a new financial target. It's anticipated that this sum will surpass $100 billion annually," she underscored.
According to her, the exact amount is up in the air, but the needs are in the ballpark of trillions of dollars.
“Climate change poses an existential threat to several nations, particularly those with small island developing states. These are some of the issues that need to be discussed. Therefore, it's not only the responsibility of Azerbaijan, although Azerbaijan is the host of COP29, but also of all parties, all states, and signatories of the Paris Agreement. They must negotiate and come to an ambitious agreement, and this is not only finance, it's connected with all the other results that are expected from COP29,” she added.
To note, this November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP—the Conference of the Parties—is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
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