The United Nations Conference on Climate Change 2024 (COP29) opened on November 11 in the capital of Azerbaijan, Baku, and will last until November 22.
On the first day of the Conference, the COP29 Green Zone is open to visitors. It was organized by the presidency of this year’s event with the aim of engaging the community in green transition, technological solutions and global cooperation. On that occasion, an event called Towards Zero Carbon Emissions: COP29 Partnerships for a Sustainable Futurewhich brought together important participants from the field of sustainability. The panel discussion included topics on waste management, renewable energy sources, clean technologies and reduction of greenhouse gas emissions. In addition to this panel, other events dedicated to biodiversity, innovations in the field of RES, climate justice, the importance of education in the fight against climate change and other topics were held, according to the official website.
During this day, a consensus was reached on the standards for creating carbon credits according to Article 6.4 of the Paris Agreement, which was characterized as an early success. As pointed out, in this way the demand for carbon credits will increase and ensure the integrity of the international carbon dioxide market under the supervision of the United Nations.
Mukhtar Babayev, the president of COP29, pointed out on the first day that the world is heading towards a global warming of 3°C according to current policies, which would potentially lead to serious consequences. In order to provide funds for the implementation of climate measures, he emphasized that the priority of the conference is to achieve the so-called A new collective goal for climate finance (NCQG). Through this goal, a specific amount of funds would be set that developed countries would set aside to help developing countries in the fight against climate change.
On that occasion, the President called on countries to submit updated climate contributions aligned with the goal of the Paris Agreement of 1.5°C, as well as National Adaptation Plans until 2025.
Already on the third day, the co-chairs of the NCQG contact group published the first draft decision on the new target for climate financial contributions. During COP29, it will be possible to exchange opinions and give additional inputs in order to reach a final agreement at the end of the Conference.
In cooperation with the International Energy Agency (IEA), the presidency of COP29 singled out five key opportunities for showing positive progress towards the energy goals, which were defined at the Conference held last year. They are: improving energy storage and power grids, accelerating the implementation of policies to improve energy efficiency, reducing methane and fossil fuel emissions, supporting clean energy in developing countries and new targets for contribution (NDC) based on the conclusions of the Global Progress Assessment (GST). In this context, the COP29 presidency called on states, business leaders, civil society, institutions and international organizations to support these opportunities.
On the second day of the Conference, it was announced that, following the signing of key documents, the Loss and Damage Response Fund is now ready to receive contributions. It is expected that the financing of the projects will start from 2025. During the ceremony, Sweden pledged 200 million kroner (about $19 million) to the Fund, subject to government approval. With this contribution, the total amount of pledged funds increases to more than 720 million dollars.
A group of leading multilateral development banks (MDBs) shared estimates of annual financial contributions for low- and middle-income countries at COP29 in Baku. By 2030, MDB bank contributions will reach US$120 billion, including US$42 billion for adjustment, with an additional US$65 billion annually from the private sector, it said. For high-income countries, the contribution will be USD 50 billion, including USD 7 billion for adaptation, with the mobilization of USD 65 billion from the private sector.
It was also pointed out that the MDP exceeded the climate financing goals set in 2019, by 25 percent in direct financing, as well as by doubling the mobilization of funds last year.
The United States, China and Azerbaijan have organized a summit aimed at accelerating action to reduce emissions of methane and other non-CO2 gases. The focus was on key measures that can reduce short-term global warming, in order to reach the 1.5°C target.
Another important moment was adoption Baku declarationswhich highlights the seriousness of climate change and its disproportionate impact on vulnerable groups, especially small island countries. It calls for urgent action and strong international support, so that small island countries can strengthen their resilience to climate change and ensure a sustainable future.
Katarina Vuinac
Source: energetskiportal.rs
