BAKU, Azerbaijan, November 19. Global agrifood systems will require an average of $1.1 trillion yearly from 2024 to 2030, FAO (Food and Agriculture Organization) Senior Natural Resources Officer Martial Bernoux said at the COP29 panel discussion themed “Financing Agrifood System Transformation” today, Trend reports.
"Significant climate investments are needed in areas such as policy support, national budgets, capacity development, and the agricultural subsector. To support policy, national budgets, and capacity development, $467.5 billion is required, $317 billion for agriculture, $100 billion for biodiversity and terrestrial and marine ecosystems, $117 billion for forestry, and $53 billion for the food sector," he explained.
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 whopping 198 countries have thrown their hats in the ring as parties to the Convention. Unless the parties decide to change the game plan, COP takes place once a year. The inaugural COP event took place in March 1995 in the bustling city of Berlin, Germany, with its secretariat nestled in Bonn.
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