BAKU, Azerbaijan, November 14. The Finance, Investment, and Trade Day (Climate FIT Day) is being held as part of COP29, Trend reports.
Today, the presentation of the Baku Initiative on Climate Finance, Investment, and Trade (BICFIT) will take place.
It is important to note that on November 11, the opening of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) was held at the Baku Olympic Stadium. This event, which will run until November 22, is the largest ever organized by Azerbaijan and marks the first time COP is being held in the region.
On November 12-13, the highest-level event of COP29, the Summit of World Leaders on Climate Action, took place. The primary expectation for COP29 is to reach an agreement on a fair and ambitious New Collective Quantified Goal (NCQG) for climate finance.
Advancing climate finance, a top priority for enabling action, will also help meet the 1.5°C commitment by fostering global cooperation.
The United Nations Framework Convention on Climate Change, signed at the Earth Summit in Rio de Janeiro in June 1992, aims to prevent dangerous human interference with the climate system. The abbreviation COP (Conference of the Parties) refers to the supreme decision-making body responsible for overseeing the implementation of the Framework Convention on Climate Change.
Currently, 198 countries are Parties to the Convention. Unless the Parties decide otherwise, COP sessions are held annually. The first COP took place in March 1995 in Berlin, and its secretariat is based in Bonn.