BAKU, Azerbaijan, November 14. COP29 will set a clear course for expanding international climate finance, Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said during a panel discussion on "Global Financial System: Scaling Up Financing for Climate Action" in Baku today, Trend reports.
"It's a great honor for us to host COP29 in our beautiful Baku, and it's a wonderful opportunity to unite our efforts to overcome global climate challenges with determination, ambition, and cooperation. COP29 provides us with an important opportunity to assess the results achieved and explore further pathways in this direction.
We all understand that climate change is not just an environmental crisis. It is an extremely complex crisis that requires immediate and collective action from us. I'm confident that COP29 will set a clear course for expanding international climate financing and help reduce the funding gap, especially for developing countries," he 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.
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