BAKU, Azerbaijan, November 19. SOCAR Green and PowerChina signed a memorandum of understanding within the framework of COP29 to explore joint opportunities in the development of renewable energy projects in Azerbaijan, Trend reports.
The memorandum paints a vivid picture of collaborative endeavors to construct radiant solar and swirling wind power plants, weaving together intricate intelligent energy systems, and assessing the blossoming projects, related to green hydrogen production and investment.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will last until November 22, was opened at the Baku Olympic Stadium on November 11. The event is the largest organized by Azerbaijan to date and, for the first time, is being held in the region of Azerbaijan.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantified Goal (NCQG) on climate finance.
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 whopping 198 countries have thrown their hats in the ring as parties to the Convention. Unless the parties decide to change the game plan, COP takes place once a year. 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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