BAKU, Azerbaijan, November 15. A significant step towards regional climate action was taken at COP29 in Baku with the signing of a joint declaration to establish the SPECA (UN Special Programme for the Economies of Central Asia) Climate and Innovation Dialogue, Azerbaijan’s Ministry of Economy told Trend.
The event also marked the announcement of the launch of the SPECA Multilateral Trust Fund, the ministry noted.
Speaking at the event, the Minister of Economy, Mikayil Jabbarov, emphasized the importance of SPECA for the region, noting that the program has created a vital platform for regional cooperation, fostering economic development, ecological sustainability, and innovation among member countries.
Through the support of SPECA, our countries are not only strengthening their economies but also preparing for the challenges posed by climate change. The SPECA Climate and Innovation Dialogue serves as a critical platform for countries to collaborate and advance goals set out in the Paris Agreement and the Sustainable Development Agenda through to 2030. The dialogue also helps in developing joint strategies to address the ecological, social, and economic impacts of climate change.
The dialogue aims to facilitate the transition to a low-carbon, sustainable economy by engaging stakeholders from various sectors to develop practical solutions for knowledge exchange and green development. It is expected to play a key role in scaling innovative and sustainable practices in the region, supporting initiatives such as increasing renewable energy shares, improving energy efficiency, and promoting the circular economy.
The creation of the SPECA Multilateral Trust Fund was highlighted as a flexible mechanism for tackling shared challenges, such as climate change, economic integration, and sustainable development.
Armida Salsiah Alisjahbana, Executive Secretary of the UN Economic and Social Commission for Asia and the Pacific (UNESCAP), and Tatiana Molchan, Executive Secretary of the UN Economic Commission for Europe (UNECE), both stressed the importance of dialogue and collaborative initiatives in addressing global climate issues. They noted that such dialogue could lead to synergies in strengthening innovation ecosystems and advancing sustainable development technologies.
The event was attended by several high-ranking officials, including the Deputy Prime Minister of Kazakhstan, the Minister of National Economy, Nurlan Baibazarov; the Deputy Minister of Economy and Trade of Kyrgyzstan, Sanjarbek Bolotov; and the Deputy Minister of Investments, Industry, and Trade of Uzbekistan, Shokhrukh Gulamov. They expressed strong support for regional and international cooperation on climate issues and the expected benefits of the SPECA Trust Fund and Dialogue.
A Joint Declaration was signed at the end of the event, officially establishing the SPECA Climate and Innovation Dialogue.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest level event - the summit of world leaders 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. 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.
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 located in Bonn.
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