BAKU, Azerbaijan, November 15. A panel discussion on the topic “Mobilization for Climate Action: countries, multilateral financial institutions and the private sector implementing the Paris Agreement” is being held within COP29, Trend reports.
The Minister of Ecology and Natural Resources of Kazakhstan Yerlan Nyssanbayev said that Kazakhstan has developed a plan of measures and a list of investment projects worth about $400 million to reduce methane emissions in the context of economic sectors.
“Multilateral development banks and the private sector play a key role in the climate process. There is a need to join forces to achieve greenhouse gas emission reduction and climate change adaptation targets. This requires coordinated action at the state level,” he said.
According to him, the commitments made in Paris to limit global warming to well below 2° Celsius and efforts to keep it at 1.5° should be echoed not only in speeches but also in actions.
“In the medium term, we are working on the development of nationally determined contributions, which also require significant investment and assessment. To implement measures for 5 years, we announced the accession of Kazakhstan to the global commitment to reduce methane emissions,” the Minister of Kazakhstan noted.
Environment Director of the Organization for Economic Cooperation and Development (OECD) Jo Tyndall noted that Financing is key to accelerating climate action.
“Finance also remains one of the most challenging hurdles to achieving the goals of the Paris Agreement. Finance is a critical enabler of accelerated climate action. However, despite the technical solutions available to achieve the goals of the Paris Agreement, we face the fact that finance is not flowing at the pace and scale needed,” she said.
According to Tyndall, the OECD recently published a report that analyzes the extent to which overall funding is aligned with the goals of the Paris Agreement. The report argues that while the situation has improved in recent years, only a small proportion of overall funding is clearly aligned with the goals of the agreement. A large proportion of funding is not aligned with these goals, and there is also a large gray area where it is difficult to determine whether funding is aligned.
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