BAKU, Azerbaijan, November 15. Azerbaijan may announce the results of the first COP29 renewable energy auction supported by the European Bank for Reconstruction and Development (EBRD), the director of the EBRD's Department of Energy and Natural Resources in Russia, Caucasus, and Central Asia, Aida Sitdikova said at the COP29 Energy Transition Investment Forum for Central Asia, Trend reports.
She said that the EBRD is developing renewable energy auctions in 14 countries.
"I am pleased to announce that at least three of them are in Central Asia and Azerbaijan. They are Uzbekistan, Kazakhstan, and Azerbaijan. Azerbaijan will hopefully announce the results of its first EBRD-supported auction at COP29. We see significant improvements in the TPE after the competitive auctions, which will contribute to the expansion of the use of renewable energy sources,” she said.
The opening of COP29 took place on November 11 in Baku's Olympic Stadium and will continue until November 22. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
As part of COP29, the highest-level event, the World Leaders' Summit on Climate Action, was held 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, creating climate finance will also help fulfill the 1.5°C pledge 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 based in Bonn.
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