BAKU, Azerbaijan, November 14. Countries need to demonstrate their climate ambitions, President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso said during a roundtable on "Driving Transformative Climate Action: Shifting the Focus from Financial Inputs to Impact and MDBs' Catalytic Effect" within COP29 in Baku today, Trend reports.
According to her, the countries also must provide long-term clarity for private investors.
"The next phase of the nationally distributed contributions will be an important milestone in this process,” she added.
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.
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.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel