Euronews: COP29 sees international consensus on doubling climate investments VIDEO

At the COP29 Climate Conference in Baku, international financial institutions have agreed to increase annual investments in combating climate change from $75 billion to $170 billion, Caliber.Az reports, citing a report by Euronews. 

Azerbaijani presidential aide Hikmet Hajiyev praised the productive outcomes of the conference's first week. "Consensus has been reached on the carbon market, a direct result of COP negotiations," he stated. "We are witnessing the operationalization of the Loss and Damage Fund, which will soon be fully functional to address global needs." 

The conference, which began on November 11, was labelled as a financial summit, focusing on whether and how developed nations should increase their contributions to climate action. "The Climate Conference in Azerbaijan is about finances," Hajiyev emphasized. "Azerbaijan is doing everything it can to achieve new financial targets, but it’s not alone. Every party must contribute based on the principle of shared responsibility." 

Earlier, UN Secretary-General António Guterres urged world leaders to invest in climate action, warning that humanity will pay the price if they fail. According to a new report by an independent expert group, the cost of addressing climate challenges could rise to $1.3 trillion annually by 2035. 

The outcomes of this conference could play a pivotal role in shaping global climate financing strategies, underscoring the urgent need for collective action to combat the climate crisis.

Notably, COP29 will run through November 22. 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