BAKU, Azerbaijan, July 25. Water resources constitute an essential part of the COP29 action program, the Director of Policy Research, Analysis, and Publications at the Institute of Development and Diplomacy of ADA University Damjan Krnjević Mišković said during a lecture event at ADA University, Trend reports.
“Water is an important part of the action program and thematic program of the COP29 Presidency. Addressing water in the context of climate change finance requires an integrated approach. This process involves not only the parties to the UN Framework Convention on Climate Change but also universities, think tanks, the private sector, international and regional banks, NGOs, individuals, and other parties,” he said.
Damjan Krnjević Mišković noted that the pillars of the COP29 Chairmanship concept are linked to aspects of financing mitigation, adaptation, and resilience to climate change, and, more importantly, they are directly related to the water issue.
He emphasized that the main negotiating priority of the COP29 Presidency is to reach an agreement on a New Collective Quantified Goal on Climate Finance (NCQG).
“The previous minimum funding level was $100 billion, and it was not met on time and in full. This previous figure, $100 billion, is not even close to enough for the developing world to move away from a hydrocarbon-based economy," he added.
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