GREEN FINANCE: COP29 set to thoroughly reassess issue of climate finance

The issue of climate finance is planned to be completely reconsidered at COP29, COP28 Director, Climate Finance, Samir Suleymanov said, Trend reports.

He made the remark during today’s panel discussion themed “Empowering and accelerating green transition: strategies for COP29 and for the Green World” at the 29th Baku Energy Forum in Azerbaijan.

According to him, Baku has a strong chance of achieving significant results at the United Nations Climate Change Conference (COP29).

“The intention is to strategically address the issue of climate finance at COP29. The goal is to shift focus from a purely mechanical analysis of the parties responsible for funding climate change mitigation measures and the specific extent of their contributions.

Climate finance will be seen as a significant opportunity for all countries to establish decarbonized economies after examining commitments from northern, western, and developing economies. This is a rare opportunity to move to a sustainable industrial revolution based on decreasing carbon emissions,” added Suleymanov.

To note, this November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP—the Conference of the Parties—is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Germany’s Berlin, and its secretariat is located in Bonn.