BAKU, Azerbaijan, November 15. The UK is committed to supporting the Global South in the application of carbon management technologies, the country's Minister for Climate Kerry McCarthy said at the ministerial conference on carbon emissions management within COP29 today, Trend reports.
"The UK is committed to supporting the Global South and developing countries in applying carbon management technologies and overcoming the financial barriers they face. We'll continue to prioritize climate financing that will help vulnerable countries adapt to the impacts of climate change and support the transition to a low-carbon economy," the minister explained.
McCarthy pointed out that the Industry Decarbonization Fund, part of the clean energy innovation program implemented through the World Bank's ESMAP (Energy Sector Management Assistance Program), is focused on improvements in clean energy innovation in developing countries.
According to her, this program will help develop clean energy technologies that will enhance energy security and reduce emissions.
To note, 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. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest level event - the summit of world leaders 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. 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 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 located in Bonn.
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