COP29: Germany urges action on climate financing, mitigation

German Foreign Minister Annalena Baerbock emphasised Germany's commitment to enhancing collaboration with individual countries on climate change by expanding measures for both mitigation and climate financing to drive progress in this field.

During a press conference in Baku at COP29, Baerbock stated that, the European Union and Germany are ready to cooperate in supporting climate financing, Caliber.Az reports via local media.

In this sphere, it is crucial to utilise the potential of international development banks and involve the private sector," Baerbock noted. She emphasised the immense scale of damage caused by climate change globally, along with the geopolitical challenges it creates.

Baerbock also underlined the urgent need for the international community to intensify efforts to meet the target of limiting global warming to 1.5°C, in line with the Paris Agreement.

"We are at a decisive stage at the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change, currently being held in Baku. The final document is not yet ready, but it is important to reach an agreement. Even the slightest progress in this area is extremely significant," she stressed.

"We propose the creation of an intercontinental climate coalition. This is not an issue that any one country can tackle alone. Reaching an agreement on climate financing is crucial to addressing the needs of countries grappling with climate change," she emphasised.

Speaking on the importance of collective action, Foreign Minister highlighted the need for unity within Europe. "Every climate conference includes events focusing on adaptation. So far, approximately $2 trillion has been invested in renewable energy. The European Union believes that Europe must unite its efforts in climate financing and investments in this area. We must transform Europe into a climate continent," Baerbock said.

The conference is expected to result in further agreements to bolster international climate initiatives.

By Aghakazim Guliyev