G20 leaders call for ambitious new climate finance goal at COP29

Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) Simon Stiell has said that the G20 leaders sent a clear message to negotiators at the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29).

“The G20 leaders sent a clear message - 'Do not leave Baku without setting an ambitious new climate finance goal. This is in the interest of all countries',” Stiell said, Caliber.Az reports via local media.

He noted that the leaders of the world’s largest economies also committed to advancing financial reforms to ensure that decisive climate action is accessible to all countries.

“This is an incredibly important signal in a world gripped by a debt crisis and rapidly escalating climate impacts, which are destroying lives, disrupting supply chains, and driving inflation across nations. The leaders have confirmed that global cooperation is absolutely essential, and COP29 must set the example by agreeing on an ambitious new financial goal as a central component of a balanced package of solutions," he said.

He added that G20 leaders also stressed the need to develop more ambitious national climate plans to accelerate the transition to a global economy based on clean energy and resilience to climate change—starting now.

COP29, which is being held at Baku Stadium from November 11-22, is Azerbaijan’s most significant international event to date and the first time the country has hosted a COP conference. The summit kicked off with the signing of the Host Country Agreement and other key documents between the Azerbaijani government and the UN Framework Convention on Climate Change (UNFCCC) Secretariat. One of the central goals of COP29 is the establishment of a New Collective Quantitative Goal (NCQG) for climate finance. To further this aim, the COP29 presidency has introduced 14 key initiatives designed to integrate climate action with the United Nations Sustainable Development Goals (SDGs). 

These initiatives cover a broad spectrum of critical areas, including the development of green energy corridors, energy storage solutions, climate resilience strategies, clean hydrogen, methane reduction from organic waste, and the promotion of green digital technologies. A flagship proposal of the conference is the creation of the Climate Finance Action Fund, which is aimed at supporting efforts to limit global warming to 1.5°C. 

Throughout the event, Azerbaijan has continued to reaffirm its strong commitment to addressing climate change and promoting environmental protection. The unanimous decision to select Azerbaijan as the host for COP29 reflects the global community’s trust in the country’s leadership on climate-related issues. In his opening remarks, President Ilham Aliyev underscored Azerbaijan’s central role in global climate efforts, emphasizing the nation’s dedication to tackling climate change and advancing sustainable development.

By Naila Huseynova