BAKU, Azerbaijan, November 14. COP29 brings together businesses, financiers, cities, indigenous peoples, and local communities, Global Ambassador, founder of Ambition Loop Nigel Topping said during a panel discussion on the topic "COP29 Business, Investment, and Philanthropy Climate Platform" in Baku today, Trend reports.
"This aspect is undoubtedly just as important and increasingly significant each year, just like the negotiation process itself, because, namely, non-state actors, together with national governments, must join forces to create the rules, mobilize resources, and provide large-scale financing for mitigation and adaptation goals," he also said.
According to Topping, scientific recommendations suggest that the world must indeed aim to limit warming to 1.5°C or below, as much as possible.
"We must avoid the most serious human and economic consequences. This is the focus of 90 percent of all mentions at COP29," he added.
To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. 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 in the climate system.
A total of 198 countries are Parties to the Convention. Unless the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
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