German minister underscores link between climate finance, emission reductions at COP29

German Federal Minister for Foreign Affairs Annalena Baerbock has said that climate financing cannot be effective without reducing carbon emissions, and reducing emissions requires climate financing.

Baerbock made these remarks at a press conference during the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Azerbaijan’s capital Baku, Caliber.Az reports via local media. 

She stated that from the very beginning, it was clear that COP29 was primarily a conference on financing. Baerbock explained that the main topics would focus on how to tackle the enormous climate challenges, including damage, losses, and adaptation measures that needed to be implemented by 2035 under climate standards.

The minister emphasised that climate financing will not be effective without reducing carbon emissions. 

She said that it is hard to pay for the damage caused to the world if they did not urgently move closer to the goal of limiting global warming to below 1.5 degrees. Every tenth of a degree of global warming made the damage increasingly costly. It had been important for the European delegation to secure the progress made in Dubai on climate mitigation and use it to further develop climate financing. 

Baerbock also stressed the need for international cooperation to address climate challenges and minimise losses.

COP29, taking place at Baku Stadium from November 11 to 22, marks a significant milestone for Azerbaijan as the country hosts a Conference of the Parties (COP) for the first time. 

Among the highlights of COP29 is the proposal for a Climate Finance Action Fund, intended to support global efforts to keep temperature rises within the 1.5°C target. This ambitious plan underscores the summit’s commitment to integrating innovation with sustainable development, aiming to deliver transformative results in the fight against climate change.

By Naila Huseynova