BAKU, Azerbaijan, November 16. Green Climate Fund (GCF) is investing in early warning systems for disadvantaged nations, GCF Chief Investment Officer (CIO) Henry Gonzalez said at COP29 High-level event on Strengthening Climate Information and Multi-Hazard Early Warning Systems for Increased Resilience today, Trend reports.
According to Gonzalez, since 2015, the fund has been actively supporting efforts to establish early warning systems, and to date, 97 projects including this component have been approved, amounting to $3.6 billion in 2024.
The GCF continues its work, actively cooperating with the United Nations Environment Program (UNEP) and implementing projects, including in Azerbaijan, he explained.
"We are proud of our partnership with UNEP and are happy to present here at COP29 the first project of the Fund in Azerbaijan, which is of paramount importance for all," Gonzalez also said.
The CIO mentioned that the Green Climate Fund supports the most vulnerable countries, including the least developed countries (LDCs) and African states, with the fund’s primary focus on improvement of early warning infrastructure in these regions.
As he explained, 38 percent of the fund's resources for early warning projects are directed to Africa, 35 percent to the Asia-Pacific region, 20 percent to Latin America, and seven percent to Eastern Europe and Central Asia.
Gonzalez added that the Green Climate Fund is also actively working on implementing innovative solutions in technology and science to improve climate forecasts and warnings.
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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