EU Energy Commissioner calls for stable supply of key minerals to support energy transition During COP29

European Commissioner for Energy Kadri Simson has said that increased funding is required for non-industrial sectors of the economy to ensure a stable supply of key mineral resources essential for the energy transition. 

Simson made these remarks at the COP29 Investment Forum on Energy Transition for Central Asia in Azerbaijan’s capital Baku, Caliber.Az reports via local media.

She emphasised that without this, achieving renewable energy and energy efficiency goals would be impossible.

"As a result, we will be unable to achieve the transition to clean energy in line with the 1.5°C temperature goal. COP28 marked the beginning of the shift from fossil fuels to alternatives. However, countries still face significant challenges in reaching these targets," she added.

COP29, being held from November 11 to 22 at Baku Stadium, represents Azerbaijan's largest and most significant international event to date, marking the first time the country has hosted a COP summit. The event began with the signing of a Host Country Agreement and other important documents between the Azerbaijani government and the UN Framework Convention on Climate Change (UNFCCC) Secretariat. A central focus of COP29 is the establishment of a fair and ambitious New Collective Quantitative Goal (NCQG) for climate finance.

In line with this, the presidency of COP29 has introduced 14 key initiatives that link climate action to the United Nations Sustainable Development Goals (SDGs). These initiatives cover areas such as green energy corridors, energy storage, climate resilience, clean hydrogen, methane reduction from organic waste, and the development of green digital technologies. One of the flagship proposals is the creation of a Climate Finance Action Fund, aimed at supporting the critical goal of limiting global warming to 1.5°C. 

Throughout COP29, Azerbaijan has demonstrated its commitment to climate action and environmental protection. The unanimous decision to elect Azerbaijan as the host for this summit underscores the global community’s trust in the country’s leadership on climate issues. In his opening remarks, President Ilham Aliyev emphasized Azerbaijan’s pivotal role in global climate efforts, underscoring the country’s dedication to mitigating climate change and advancing sustainable development.

By Naila Huseynova