BAKU, Azerbaijan, November 11. The top priority of the COP29 Presidency is to achieve a new collective quantitative target on climate finance, the President of COP29 Mukhtar Babayev said at the opening ceremony of the conference in Baku today, Trend reports.
"Our plan is based on two key directions: increasing ambition and ensuring action. This means developing clear climate plans and securing the necessary financing. These two directions reinforce each other. By mobilizing climate finance, we create the conditions for increasing ambition, and by declaring high ambitions, we build trust and open the way for new, more substantial commitments.
To ensure action, the main priority of the COP29 presidency is to achieve a fair and ambitious new collective quantitative goal for climate financing. This goal must be actionable and correspond to the scale and urgency of the challenge. It must take into account the needs and priorities of developing countries," he added.
The opening ceremony of the much-anticipated COP29 conference has kicked off today at the Baku Olympic Stadium.
Representatives, leaders, and climate experts from around the globe gathered to mark the beginning of what is set to be one of the largest climate events of the year.
The decision to host COP29 in Azerbaijan was made at the COP28 plenary session held in Dubai on December 11 of last year.
The United Nations Framework Convention on Climate Change, signed in June 1992 at the Earth Summit in Rio de Janeiro, aims to prevent dangerous human interference with the climate system. The “COP” (Conference of the Parties) is the highest governing body responsible for overseeing the convention’s implementation.
A total of 198 countries participate in the convention. Unless otherwise agreed, COP is held annually. The first COP took place in Berlin in March 1995, with its secretariat headquartered in Bonn.
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