BAKU, Azerbaijan, November 13. On the inaugural day of COP29 in Baku, the nations reached consensus on a system that exemplifies our capacity for collaboration when unified, Azerbaijani Economy Minister Mikayil Jabbarov told reporters, Trend reports.
He observed that the lifeblood of COP29 flows through the veins of financing.
“I believe we have already seen preliminary beneficial results with Article 6.4. For more than a decade, there has been no consensus on a solution. On the first day of COP29 in Baku, the countries agreed on a framework to demonstrate that we can work together if we unite.
Consequently, carbon market mechanisms will, in our opinion, furnish the requisite resources for funding. Furthermore, we express our profound appreciation for the joint statement issued by the multilateral development banks yesterday evening and early this morning. The joint statement acknowledges our appreciation for the annual pledge of $120 billion by 2030. This constitutes substantial advancement. Undoubtedly, we must exert greater effort thereafter,” Jabbarov noted.
The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will last until November 22, was opened at the Baku Olympic Stadium on November 11. The event is the largest organized by Azerbaijan to date and is the first time the region has hosted the event in Azerbaijan.
The highest level event, the 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 sets the stage for action, the creation of climate finance will also contribute to meeting 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 the parties decide otherwise, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is based in Bonn.
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