Climate Action Network calls for funds at Azerbaijan’s COP29

Climate Action Network International organisation has announced that the annual volume of climate financing should be set at $5 trillion.

Such a statement was made during a press conference of Climate Action Network International, a global network consisting of over 1,300 environmental non-governmental organisations (NGOs), within COP29, Caliber.Az reports, citing local media. 

"Developed countries can find funds for military operations and increasing the number of enterprises polluting environment however, they claim there's no money when it comes to climate summits," Executive Director of Climate Action Network Tasneem Essop said. She added that the organisation is focused on ensuring that developed nations invest in the Loss and Damage Fund.

"We have plans to involve all parties in discussions on climate financing initiatives during the ongoing COP negotiations," she said, emphasising that the Global North owes a debt to the Global South for the current state of climate change issues, and that these countries must fulfill their commitments. 

While speaking about financing, Mohamed Adow, Director of the Power Shift Africa think tank (Nairobi, Kenya), also highlighted the need for climate financing from developed nations.

"If you look at the architecture of climate financing, you’ll see a lack of balance," he stated, emphasising that wealthy countries are obligated to contribute more funding to help developing nations close the gap in the green transition.

Today, the 29th session of the UN Framework Convention on Climate Change (COP29) begins in Baku, which is considered one of the largest and most prestigious events in the world.

The official opening ceremony of the COP29 climate conference is taking place at the Baku stadium.

Caliber.Az reminds that COP29, which will take place from November 11-22 at the Baku stadium, is the most significant event Azerbaijan has hosted to date and is the first time it is being held in the region. An agreement on the "Host Country" and other important documents have been signed between the Government of Azerbaijan and the UN Framework Convention on Climate Change Secretariat.

As part of COP29, the highest-level event, the Global Climate Action Summit, will take place on November 12-13.

The main expectation from COP29 is the agreement on a fair and ambitious new collective quantitative goal (NCQG) related to climate financing.

The presidency of COP29 has put forward 14 initiatives, which include the connection between climate action and sustainable development goals, such as green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, actions in green digital technologies, and other topics. One of the initiatives also includes the creation of a Climate Financing Action Fund.

In addition to being the main priority that drives the activities and brings everyone together, the creation of climate financing will also contribute to fulfilling the 1.5°C commitment.

Azerbaijan attaches great importance to environmental protection and addressing the consequences of climate change, carrying out significant work in this regard. The unanimous decision by the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change to choose Azerbaijan as the host is a clear example of this. As noted by Azerbaijani President Ilham Aliyev, it reflects the great respect and trust the international community has for the country.

By Naila Huseynova