BAKU, Azerbaijan, November 22. Financing climate action stands impossible without reducing CO2 emissions, German Foreign Minister Annalena Baerbock said at a press conference within COP29 today, Trend reports.
"From the outset, it was evident that the primary focus of this climate conference is financing issues, with the aim of addressing the significant climate challenges, damages, and losses by 2035, along with large-scale adaptation measures, in a collaborative and, crucially, equitable manner.
It was also clear that climate action financing is impossible without reducing CO2 emissions. We simply won’t be able to cover all the damages on the planet if we don't urgently begin moving toward limiting global warming to 1.5 degrees. Every tenth of a degree of global warming makes the consequences more expensive.
This is why it was essential for us, the European delegation, to capture the achievements we made in Dubai, especially in terms of emissions reduction, and build further climate financing on that basis. Climate financing is impossible without reducing CO2, and reducing CO2 requires financing so that all countries can achieve it," she emphasized.
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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