Climate finance to take center stage at COP29 Baku Chief Executive Officer says

Climate finance will be the focal point of discussions at the upcoming 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change in Baku, said COP29 Chief Executive Officer Elnur Soltanov in an interview with the Spanish-language publication EFE.

Soltanov outlined the goals and strategies for the conference, which is scheduled to take place on November 11-22 this year, Caliber.Az reports per local media.

Soltanov emphasized that the primary objective of the COP29 presidency is to establish a clear and ambitious new collective quantified goal on climate finance (NCQG) that addresses the needs of all parties involved.

"Climate finance is central to collectively advancing all areas of the Paris Agreement," Soltanov stated, highlighting the pivotal role of financial support in achieving global climate goals.

To facilitate this, Soltanov's strategy includes finding political direction to address differences and accelerate preparations for the summit through meetings between the parties. He underscored the importance of high-level discussions and strengthened political engagement to drive progress.

Addressing criticism regarding Azerbaijan's selection as the host for the climate conference, given its status as an oil and gas-producing country, Soltanov advocated for an inclusive process that encourages cooperation from all parties.

He stressed the necessity of a just and orderly transition, noting that countries start from different points and have varying requirements for decarbonization, building renewable energy systems, and ensuring a just transition.

Soltanov also pointed out that the Intergovernmental Panel on Climate Change (IPCC) acknowledges the role of hydrocarbons in the global economy in its temperature and zero carbon calculations. He expressed optimism about the summit, viewing it as a critical test for global cooperation in the fight against climate change. "Azerbaijan will make every effort to bring the parties together," he affirmed.

In line with the Convention and the Paris Agreement, Azerbaijan is committed to inclusiveness and transparency in organizing the summit. To further this commitment, the country will submit two key documents to COP29: a Transparency Report and a Nationally Determined Contribution (NDC).

The COP29 CEO concluded by emphasizing the urgency of joint efforts to combat the climate crisis, warning that "the field for action is narrowing."

He called for immediate and sustained efforts by all parties to address the climate emergency, stressing that urgent action is required to achieve lasting solutions.