BAKU, Azerbaijan, November 11. We join the majority of governments, civil society organizations, and communities who support the $1 trillion pilot initiative for financing to take joint action with an annual goal of $300 billion to mitigate climate change, the representative of the Center for Energy, Environment, and Development, Gerry Arances, said at a conference on the expectations of energy and finance in the framework of the COP29 event, Trend reports.
During the discussion of the importance of energy transition, he noted that it should be emphasized that Southeast Asia is implementing half of the existing energy transition projects and programs.
“This is done through bilateral agreements such as those with CPB, the WB, or JetEase. Despite the difficulties, these mechanisms are still used and do not limit potential expansion. It is therefore important to reiterate our position at COP29 and emphasize the importance of the package discussed at COP28, especially concerning fossil fuels, renewable energy, and energy efficiency. This requires the mobilization of funding. We join the majority of governments, civil society organizations, and communities in supporting a $1 trillion funding pilot initiative to take concerted action with an annual target of $300 billion to mitigate climate change. This call will bridge the current North-South climate divide in line with the global demand of civil society movements for $5 trillion a year,” said a representative of the Center for Energy, Environment, and Development.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) opened today in Baku and will continue until November 22.
This event is the largest organized by Azerbaijan to date, and for the first time, it is being held in this region in Azerbaijan.
A top-level event - a summit of world leaders on climate action - will be held within COP29 on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance.
In addition to being a top priority that creates the conditions for action, climate finance will also contribute to the 1.5°C commitment by bringing everyone together.
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” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
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