BAKU, Azerbaijan, November 21. Key aspects of climate finance negotiations must be clarified, the Secretary-General of the United Nations, António Guterres, said in a media briefing, Trend reports.
Guterres stated that the financial outcome of COP29 would be one of the crucial elements to address.
"I think it is important for each party to clarify its position and proposals when the time comes. This is especially true for financial matters, as I’ve mentioned before; the result must be balanced, and all issues should be considered," he said.
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 on November 11 at the Baku Olympic Stadium.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance.
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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