British MPs welcome COP29 agreement as win for UK

The agreement reached at COP29 has been hailed as a success for the United Kingdom, UK Energy Security and Zero Emissions Minister Ed Miliband emphasized during his address in the House of Commons. 

Speaking on the outcomes of the conference held in Baku, Miliband described the agreement as transformative, stating that it "creates a new global panorama", Caliber.Az reports via local media.

During the parliamentary session dedicated to COP29, Miliband detailed the significance of the decisions made and their implications for global climate action. He highlighted the agreement's provision to include new contributors to the financial goals alongside traditional donors, calling this approach fair and equitable. Miliband also underscored the importance of multilateral cooperation, noting that while uniting nearly 200 countries presents challenges, it remains the only viable path forward. The Minister particularly praised the progress made on carbon markets, describing it as a critical step in achieving sustainable climate goals.

British MPs participating in the hearing expressed strong support for the outcomes of COP29, welcoming the agreement as a pivotal moment in the global fight against climate change.

COP29, which took place in Baku from November 11 to November 22, brought together world leaders, policymakers, and delegates from across the globe. Among the key achievements of the conference was the adoption of a new climate finance target, setting an ambitious goal of mobilizing $300 billion annually by 2035 to support developing nations in their climate adaptation and mitigation efforts.

Another landmark decision was the operationalization of the Loss and Damage Fund, a long-anticipated development for small island states, least-developed countries, and African nations disproportionately affected by climate change.

Azerbaijani President Ilham Aliyev, under whose leadership the conference was held, emphasized the urgent need to address the challenges faced by vulnerable nations. Currently, the pledged financial support for the Fund exceeds $730 million, with plans to begin financing projects by 2025.

This progress is seen as a significant accomplishment for Azerbaijan during its presidency of COP29, underscoring its leadership in addressing global climate priorities. The outcomes of the conference reflect both a commitment to addressing climate impacts and a strengthened framework for international collaboration.

By Tamilla Hasanova