Italy's Prime Minister urges fair distribution of climate finance at COP29

Italy is advocating for a fair distribution of responsibility between developed and rapidly developing economies regarding climate finance, according to Italian Prime Minister Giorgia Meloni.

She made this statement during her address at the COP29 Leaders' Summit in Baku, Caliber.Az reports citing local media.

Meloni highlighted the ambitious goals set at COP28 in Dubai last year, where countries committed to tripling renewable energy capacity and doubling energy efficiency by 2030. She emphasized that achieving these objectives requires global cooperation and adequate financing.

"At COP29, we will work towards adopting a new climate finance goal. We must reach a compromise. For this to happen, we need to fairly allocate responsibility between developed and rapidly developing economies and bridge the differences. Italy will continue to do everything in its power," Meloni remarked.

The Prime Minister further emphasized Italy's ongoing commitment to climate initiatives, such as the Loss and Damage Fund. "Additionally, we will support the development of multilateral development banks. We must understand that, in the context of decarbonization, we also need to ensure the resilience of our economic and social systems. We must protect nature, but an overly ideological, impractical approach could derail progress. Technological neutrality is the correct approach," she stressed.

Meloni also urged a realistic outlook on the future, acknowledging that by 2030, the global population will reach 8.5 billion people, and GDP is expected to double, resulting in an increase in energy consumption.

"We need to employ all available technologies — not just renewables, but also gas, biofuels, carbon capture, hydrogen, and more. We must also explore nuclear fusion, which offers safe, clean, and limitless energy. Italy is at the forefront of nuclear fusion. We are determined to continue advancing this technology, as it has the potential to transform everything," she explained.

The Prime Minister expressed her satisfaction with Azerbaijan's leadership as the chair of COP29, particularly in working on the "Climate for Peace" initiative. "As with any COP, it is up to us to determine whether this will be a success or a failure. As William James once said, let us act in ways that will truly change the situation," Meloni concluded.

By Tamilla Hasanova