BAKU, Azerbaijan, November 21. Germany is set to allocate 1.1 billion euro annually from 2025 to finance biodiversity issues as part of its climate commitments, Germany's Federal Minister for the Environment, Nature Conservation, Nuclear Safety, and Consumer Protection Steffi Lemke said at the COP29 Global Leaders Roundtable themed "Aligning Climate Action and Biodiversity Conservation for Achieving a Nature-positive Future and the Paris Agreement Goals" today, Trend reports.
“Already in 2023, this amounted to 1.36 billion euros, which confirms that we are on the right track. Within the High Performance Climate Action Partnership, we are working with the European Bank for Reconstruction and Development to create financing for private investment in nature-friendly solutions. The German Ministry of the Environment will provide 8 million euros for this purpose. This will incentivize investments that are compatible with environmental principles. At the national level, we are linking climate policy and nature conservation in a single action plan for nature-based solutions for climate and biodiversity. The main goal is to restore the health, resilience, and biodiversity of Germany's degraded ecosystems,” she said.
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 Presidency 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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