BAKU, Azerbaijan, November 22. The European delegation is continuing its intensive negotiations on climate financing, German Foreign Minister Annalena Baerbock said at a press conference as part of COP29 in Azerbaijan’s Baku, Trend reports.
"Climate financing is impossible without reducing CO2 emissions, and reducing CO2 requires funding to ensure that all countries can implement it. In this context, we, as the European delegation, continue our intensive negotiations on the text. This means that we are building our actions based on what was powerfully and decisively agreed upon last year: tripling the pace of renewable energy development, doubling energy efficiency, and, most importantly, finding pathways to phase out fossil fuels.
This is critically important for ensuring that currently mobilized funds are directed toward accelerating the energy transition in countries where it is still lagging behind. This includes developing energy storage systems, building infrastructure, and creating conditions to phase out coal in countries where coal-fired power plants are still operational, just as is already happening in industrialized nations, particularly in Europe. This is also a matter of climate justice," she said.
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