BAKU, Azerbaijan, November 13. We know the burden of planning a large and important event like COP29 in a short timeframe, and Azerbaijan has managed it, the Global Chairman of Boston Consulting Group and Co-Chairman of the Alliance of CEO Climate Leaders, Rich Lesser said at the plenary session “The Power of Cooperation: Uniting Forces for Net Zero” at the COP29 World Climate Leaders Summit, Trend reports.
He noted that everyone was very impressed with the quality of the organization of the whole event.
“I think the entire global climate community is deeply grateful for that,” he said.
Speaking about climate finance, Lesser emphasized that we must expand the financial agenda from billions to trillions.
“It is not possible for governments to be able to provide finance at this level on their own to their countries or to each other. For me, the start of COP29 and finally progress in defining Article 6.4 can have an impact on climate finance,” said Lesser.
To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro 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 the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
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.
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