BAKU, Azerbaijan, May 8. At COP29 in Baku, countries will be expected to come up with a new global goal on supplying climate finance to poorer countries, said Mukhtar Babayev, COP29 President-Designate, in an interview with The Guardian, Trend reports.
According to Babayev, this initiative will help poorer countries cut their greenhouse gas emissions and adapt to the impacts of extreme weather. "Some governments from the global south are calling for the sums to reach more than $1 trillion a year".
"Large sums would be required to help poor countries update their emissions-cutting plans, known as nationally determined contributions, or NDCs, in line with the need to limit temperature rises to 1.5C above pre-industrial levels. It’s like a triangle. First, transparency. It’s trust between the parties. Next, finance. Next, NDC. Today we are looking to this triangle," he said.
Mukhtar Babayev is urging countries to submit their reports well in advance of COP29, which commences on November 11, in an effort to alleviate the impasse on finance. By demonstrating proactive measures to reduce emissions, adapt to climate crisis impacts, and transparently manage received climate finance, poorer nations can reduce developed countries' grounds for withholding financial support.
"If all these sides deliver, if countries will submit the transparent picture of their activities, that will also be a very good argument for the developed world to deliver the priorities of the developing world,” Babayev said. “We would like to be the interconnector," he concluded.
Azerbaijan will host the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in November this year. The decision was made at the plenary meeting of COP28 held in Dubai on December 11 last year. Within two weeks, Baku, having become the center of the world, will host about 70,000–80,000 foreign guests.
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, which is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
The parties to the convention are 198 countries. Unless the parties have decided otherwise, COP is held annually. The first COP event was held in March 1995 in Germany's Berlin, and its secretariat is located in Bonn.