BAKU, Azerbaijan, November 21. We must secure an agreement on a new ambitious climate finance target in Baku, the Secretary-General of the United Nations, António Guterres, said in a media briefing as part of the COP29 in Baku, Trend reports.
"We need an agreement on a new, ambitious climate finance goal here in Baku. Through various components, this goal must mobilize the necessary financing for developing countries," the Secretary-General said.
Guterres emphasized the critical importance of financial growth in addressing climate challenges.
"Each government must be allowed to benefit from clean, affordable renewable energy and a fair energy transition while accelerating emissions reductions. Financial growth is essential for all countries to protect themselves and their people from climate disaster and to strengthen trust between nations," he added.
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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