Dozens of companies commit to net-zero emissions till 2050 COP28 president says

COP28 President Sultan Ahmed Al Jaber has said that fifty-five companies joined the Oil and Gas Decarbonisation Charter, committing to eliminate methane emissions by 2030 and achieve net-zero emissions by 2050.

He made these remarks during the opening ceremony of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Caliber.Az reports via local media.

Sultan Ahmed Al Jaber emphasised that this initiative is focused on delivering tangible results.

"This process involves active participation from representatives of China, India, Russia, the US, the EU and Gulf countries. This is the most effective private-sector partnership for carbon emission reductions implemented so far, and we expect even more companies to join this important initiative. Collaboration across all sectors will enable us to strengthen the economy and reduce emissions," he said.

He noted that the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Azerbaijan will be a success.

Sultan Ahmed Al Jaber emphasised that conference participants must adopt a positive approach toward climate change: "Our actions must be stronger than our words. Let’s unite under Azerbaijan's slogan 'For a Green World.' Let’s work together."

The COP28 president officially handed over the conference presidency to Azerbaijan.

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