The first week of the United Nations Conference on Climate Change 2024 (COP29), which is being held in Baku, has come to an end, and the event will last until November 22. As we wrote earlier, several important moments were recorded in the first days. Some of these include reaching consensus on standards for generating carbon credits under Article 6.4 of the Paris Agreement. In addition, on the first day a priority was set to achieve the so-called New Collective Climate Finance Goal (NCQG), and already on the third day the co-chairs of the NCQG contact group published the first draft decision on the new goal for climate financial contributions. Also, it was announced that the Loss and Damage Response Fund is ready to receive contributions, and the Baku Declaration was adopted.
At the COP29 Climate Platform for Business, Investment and Philanthropy (BIPCP), more than 1,000 leaders from these fields gathered to jointly consider the key role of the private sector in the fight against climate change. These leaders, whose combined assets exceed $10 trillion, committed to defining concrete steps to accelerate investment in sustainable projects and markets focused on climate action.
The Asian Development Bank (ADB) has launched a regional program to promote sustainable water use and food security in Central Asia, the South Caucasus and Pakistan amid the severe impacts of melting glaciers. As stated, with the support of the Green Climate Fund (GCF), the program includes an assessment of the risk of melting glaciers in Azerbaijan, Kyrgyzstan, Tajikistan and Uzbekistan. The plan is to mobilize up to 3.5 billion dollars from various actors, which will be invested in sustainable water use, agriculture and support for vulnerable communities in mountainous regions.
The banking sector of Azerbaijan has announced that it will allocate 1.2 billion dollars for the development of green and sustainable projects in this country until 2030. The funds will support projects that contribute to Azerbaijan’s transition to a low-carbon economy.
As a reminder, Sweden last week pledged 19 million euros to the Loss and Damage Fund, and now announced a contribution of 730 million dollars to the UN Green Climate Fund (GCF).
At COP29, support was also provided to the Baku Initiative for Dialogue on Climate Finance, Investment and Trade (BICFIT), which aims to put climate finance, investment and trade at the center of the agenda for combating climate change.
Another important moment was the launch of the Baku Climate Action Initiative for Peace, Relief and Recovery (BCCAP), which aims to address the urgent nexus of climate change, conflict and humanitarian needs. This is in response to the growing recognition that the negative effects of climate change – such as water scarcity, food insecurity, land degradation, displacement and disruption of livelihoods – are having an impact on the emergence of conflict and instability, especially in vulnerable regions.
The Baku Center for Climate and Peace Actions was established as part of the initiative. It is a platform for coordinating activities that support the most vulnerable communities affected by climate and conflict crises.
The United Nations Industrial Development Organization (UNIDO) and the Climate Club have launched the Global Platform for Connectivity, which aims to accelerate the decarbonisation of industrial sectors. This platform is open to all developing countries, and provides them with the opportunity to connect with global technical and financial resources to reduce emissions in high-emitting industries.
Katarina Vuinac
Source: energetskiportal.rs
