Bulgarian president urges continued commitment to decarbonising global energy at COP29

Bulgarian President Rumen Radev has said that a new collective quantitative goal is expected to be the main outcome of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29). 

While delivering a speech at the Summit of World Leaders within the framework of the COP29 event in Azerbaijan's capital Baku, President Radev emphasised that the new target aims to secure financing for climate action from all possible sources, including the private sector, Caliber.Az reports via local media.

"Only with sufficient funding will we be able to meet the financial needs for climate mitigation and adaptation to the new realities. The focus should be on addressing the needs of the countries most vulnerable to the impacts of climate change. At the same time, we must continue actively combating the consequences of the climate crisis and remaining committed to decarbonising global energy systems," he said.

Radev also emphasised the importance of adopting modern technologies, improving energy efficiency, and modernising energy infrastructure.

He underscored that energy security must remain a top priority.

"Bulgaria intends to participate not only in regional energy cooperation initiatives but also to strengthen ties between the EU and other countries that share our priorities for climate neutrality, a just energy transition, energy security, etc.," President Radev stated.

He also expressed gratitude to Azerbaijan for hosting COP29, calling the conference a significant event amid ongoing political challenges, security threats, and the intensifying climate crisis.

Moreover, President of the Republic of Congo Denis Sassou Nguesso has said that the COP29 conference was organised at the highest level. 

"I would like to thank the government of Azerbaijan for the excellent work it has done," he said, highlighting the warm reception extended to all delegations.

"The participation of all countries at COP29 is a success. The parties have already made significant progress on Article 6 of the Paris Agreement," the president emphasised.

The Summit of World Leaders within the framework of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) has started in Baku. On November 11, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) officially kicked off in Baku, marking one of the most significant and prestigious global events.

COP29, which is being held at the Baku Stadium from November 11 to 22, is Azerbaijan's largest event to date and the first of its kind in the region. A "Host Country Agreement" and other key documents were signed between the Azerbaijani government and the Secretariat of the UN Framework Convention on Climate Change. The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantified Goal (NCQG) related to climate finance. The COP29 presidency has put forward 14 initiatives that encompass the interlinkage between climate action and sustainable development goals.

These include green energy corridors, green energy storage, climate resilience harmony, clean hydrogen, methane reduction from organic waste, and actions in the field of green digital technologies, among other topics. One of the proposed initiatives is the establishment of a Climate Finance Action Fund. Beyond prioritising climate finance, which brings everyone together, this initiative will also contribute to meeting the 1.5°C commitment. Azerbaijan attaches great importance to environmental protection and addressing the impacts of climate change, actively working in this direction. The country’s unanimous election as the host of the 29th session of the Conference of the Parties is a clear testament to this. As noted by the President of the Republic of Azerbaijan, Ilham Aliyev, this is a sign of great respect and trust from the international community towards Azerbaijan.

By Naila Huseynova