BAKU, Azerbaijan, November 14. We'll undoubtedly reach agreement at COP29, the President of the African Development Bank Group Akinwumi Adesina told reporters, Trend reports.
"This COP conference is dedicated to climate financing, and I have no doubt we'll reach an agreement," he said.
According to him, multilateral development banks already recognize the importance of partnership.
"Partnership is a key point. It's also important how we measure our actions. We have committed to measuring our achievements and reporting them transparently. While the world is discussing a new quantitative goal, it's important to ensure there are resources to implement it. Setting a goal is one thing, but having the means to achieve it's quite another. I hope we can not only set the goal but also achieve real results for the climate worldwide," Adesina emphasized.
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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