BAKU, Azerbaijan, October 10. COP29's new climate finance target must ensure funding to implement UAE consensus, UAE Minister of Industry and Advanced Technologies, CEO of the Abu Dhabi National Oil Company (ADNOC) Sultan bin Ahmed Al Jaber said, Trend reports.
He made the remark during the preliminary meeting of the Conference of the Parties to the UN Framework Convention on Climate Change (Pre-COP29) in Baku today.
"The new collective quantified goal for financing climate action at COP29 must ensure funding to implement the UAE consensus, reflecting the scale of the challenges everyone faces," he explained.
"We must allocate resources to the most vulnerable populations to help them enhance their resilience to climate change and recover from its impacts. All previous commitments must be fulfilled. This is a moment of truth. Previous commitments must be honored," the CEO added.
According to him, the global landscape demands dependable and resilient carbon markets to catalyze investments in both mitigation and adaptation strategies.
"We simply cannot afford any more delays. When it comes to mitigation and adaptation, we must treat them as equals. Parties must achieve a coordinated goal of doubling adaptation funding and integrating fully funded strategies into their national adaptation plans," Al Jaber added.
Pre-COP is typically held a month before the main COP conference and aims to align the participants of the Paris Agreement on key issues related to climate change.
This year, Pre-COP29 in Baku carries the theme, "Raising Ambitions and Ensuring Action."
The opening ceremony will feature speeches from the COP29 President Designate, Azerbaijan's Minister of Ecology and Natural Resources Mukhtar Babayev and CEO of the Abu Dhabi National Oil Company (ADNOC) Sultan bin Ahmed Al Jaber.
The expected speakers also include UN Deputy Secretary-General Amina Mohammed, Executive Secretary of UNFCCC Simon Stiell, and other officials.
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 Germany's Berlin with its secretariat in Bonn.
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