BAKU, Azerbaijan, November 20. It's time to present commitments, COP29 Lead Negotiator Yalchin Rafiyev said at the COP29 Presidency's press conference today, Trend reports.
"We appreciate that Australia has allocated $32.5 million to the Loss and Damage Fund. Now it's time to present commitments. We are already working on a global adaptation target, a new collective quantitative target (NCGQ), and an agreement with the UAE. Half of these documents will be published this evening because the work on the texts is not yet completed," 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.
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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