COP29: Norwegian minister optimistic about reaching climate financing agreement

Norwegian Minister for International Development Anne Beathe Tvinnereim has expressed firm belief and optimism that an agreement on climate financing will be reached.

"We also know that many developing countries have very high expectations when it comes to the amounts of climate financing. I am confident that many countries will continue their efforts towards signing the final document," said Twinheim on the margins of the COP29 climate conference, Caliber.Az informs via local media.

The minister also emphasized the critical importance of this moment in the global climate agenda.

"I believe the discussions surrounding climate financing are crucial. We want to leverage the support of the private sector to ensure its provision and make sure that the majority of countries take the initiative to allocate climate financing." 

Notably, COP29 officially started in Azerbaijan on November 11 and will run through November 23. The decision to host COP29 in Azerbaijan, a country with extensive experience in organizing international events, was made during the plenary session of COP28 in Dubai on December 11, 2023. 

As part of the conference, Baku currently hosts 70,000 and 80,000 international guests, including leaders from governments, businesses, and civil society, all working together to find tangible solutions to the record-high global temperatures and extreme weather events that are affecting people worldwide.

A central focus of COP29 is finance, as trillions of dollars are needed for countries to significantly reduce greenhouse gas emissions and protect lives and livelihoods from the growing impacts of climate change.

The conference also serves as a critical moment for nations to present their updated national climate action plans under the Paris Agreement, which are due by early 2025. If implemented correctly, these plans will help limit global warming to 1.5°C above pre-industrial levels, while also serving as investment strategies that support the Sustainable Development Goals.

By Khagan Isayev