BAKU, Azerbaijan, November 21. The success of COP29 hinges on the collaborative efforts of all parties involved, German Foreign Minister Annalena Baerbock said at a press conference within COP29 today, Trend reports.
"At the moment, the texts are on the negotiating table; however, unfortunately, on such central issues as financing the fight against climate change, adaptation, and emission reductions, they have not yet reached the level necessary to achieve meaningful results in this area.
This means that, as is often the case in such negotiations, we are facing extremely difficult days ahead. In some cases, a real struggle lies ahead for every step forward. It is now important for all parties to work constructively," she explained.
According to her, Germany and the European team will continue to make progress, fighting for every, even the smallest, improvement in the coming days.
"We won't allow the texts to retreat from the agreements reached in Dubai or for their content to be weakened," said Baerbock.
She also pointed out that annual investments in renewable energy now total two trillion US dollars, which is twice the amount invested in fossil fuels.
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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