BAKU, Azerbaijan, November 15. Next concrete steps will include the second stage of energy transition with a component for finding suitable projects, which will take place in Baku during the Baku Energy Week in the middle of next year, Director of Country Engagement and Partnerships at International Renewable Energy Agency (IRENA) Gurbuz Gonul said at the COP29 Energy Transition Investment Forum for Central Asia in Baku today, Trend reports.
"More detailed discussions and consultations will be held with governments to determine the key priorities for energy transition, both at the country level and at the regional level, given the clear regional nature of the initiative.
Then, we'll develop action plans at the country and regional levels to identify where technical support is needed, how to support the development and implementation of projects, and how to encourage more active private sector participation in the energy transition," he added.
The opening of COP29 took place on November 11 in Baku's Olympic Stadium and will continue until November 22. The event is the largest organized by Azerbaijan to date, and it is the first time the region is held in Azerbaijan.
As part of COP29, the highest-level event, the World Leaders' Summit on Climate Action, was held on November 12-13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit 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 otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is based in Bonn.
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