BAKU, Azerbaijan, November 15. A delegation headed by Fabrizio Fabbri, CEO of the Italian company Ansaldo Energia, visited the Azerenerji OJSC pavilion in the COP29 Green Zone within the framework of the event, Trend reports via the OJSC.
The meeting was held between the Italian delegation and Baba Rzayev, head of Azerenerji OJSC.
Then, a memorandum of understanding was inked between Azerenerji OJSC and Ansaldo Energia, zeroing in on hot button issues like decarbonization, workforce development, carbon capture, green hydrogen, and small modular reactors.
The deal is set to grease the wheels of collaboration on power generation systems and green hydrogen production, serving as a linchpin in the shift toward green energy.
The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, 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.
Within COP29, the paramount event, the summit of global leaders on climate action, occurred 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. 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.
In addition to being a high priority that sets the conditions for action, establishing climate financing will help accomplish the 1.5°C goal 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 inaugural COP event took place in March 1995 in the bustling city of Berlin, Germany, with its secretariat nestled in Bonn.
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