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Uruguay highlights need for sustainable climate finance at COP29

Economy Materials 19 November 2024 12:30 (UTC +04:00)
Uruguay highlights need for sustainable climate finance at COP29
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, November 19. Uruguay reaffirms its unwavering commitment to the Paris Agreement and global climate action, said the country's Minister of Environment Robert Daniel Bouvier Torterolo as he delivered his national statement at the COP29 summit, Trend reports.

"The climate crisis we face requires coordinated global action, based on the principle of common but differentiated responsibilities," Bouvier Torterolo stated. "This challenge involves all of us, and we must act together to protect both our populations and the ecosystems that sustain our lives."

Highlighting the importance of climate finance for developing countries, the minister stressed the need for an ambitious decision on the new collective quantified goal (NCQG) for financing climate actions, describing it as crucial for strengthening the credibility of the multilateral system. "Only through adequate financing can we implement the necessary actions to mitigate and adapt to climate change," Bouvier Torterolo emphasized.

Uruguay, a country with a predominantly coastal population and a small landmass, has long been vulnerable to the impacts of climate change. In response, the country has developed four national adaptation plans targeting agricultural production, coastal areas, cities and infrastructure, and energy. "Despite the progress made, we need to move further in their implementation, which will largely depend on the availability of accessible and sustainable resources to finance these actions," the minister noted.

Bouvier Torterolo highlighted Uruguay’s proactive approach to climate change mitigation. Although the country emits only 0.05% of global greenhouse gases, it has made significant strides in reducing its carbon footprint. "More than 95% of our electricity matrix comes from renewable sources," he said, adding that Uruguay is progressing toward a second energy transition centered on green hydrogen. The country has also launched the National Sustainable Urban Mobility Policy and implemented substantial reductions in emissions from livestock production, demonstrating that sustainability and productivity can coexist.

Looking ahead, Uruguay is set to present its first Biennial Transparency Report in December, which will outline the country's progress and challenges in meeting climate goals. Furthermore, the country will present its third nationally determined contribution (NDC) in February 2025, with new concrete commitments for climate action aimed at advancing its climate objectives.

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