Palau’s president: New Collective Quantitative Goal to ensure easy access to climate financing

President of Palau Surangel Whipps has said that a New Collective Quantified Goal on Climate Finance should become a joint commitment to a fair and effective solution to the climate crisis.

Whipps made these remarks at a high-level meeting during the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), Caliber.Az reports via local media. 

He thanked Azerbaijani President Ilham Aliyev for excellent organising of the climate conference and for his support in addressing the issues faced by Small Island Developing States (SIDS).

"Palau, like many small island nations, is acutely experiencing the impacts of climate change. Climate change threatens our food security, infrastructure, economy, culture, and our existence," he said.

Whipps said that the New Collective Quantified Goal on Climate Finance should serve as a shared commitment to addressing the climate crisis in a fair and effective manner and should ensure easy access to sufficient funding to meet the adaptation, mitigation, and loss and damage needs of vulnerable countries. 

“We must make decisions and take action. The future of our planet and our people depends on it. We call on the international community to fulfill its commitments under the Paris Agreement to prevent global temperatures from rising beyond 1.5 degrees,” Whipps said.

The politician also emphasised that Palau has made significant progress in addressing the climate crisis, prioritising a transition to green energy. 

He urged industrialized nations to accelerate the phase-out of fossil fuels as part of the global fight against climate change. 

"Palau is seeking additional partnerships to implement the Blue Pacific Prosperity Plan, launched at COP28 in Dubai, which invests in blue priorities such as food security, sustainable fisheries, coral reef protection, and coastal defense. By supporting the blue economy and protecting marine resources, we ensure security. Our island communities contribute to global climate goals and the vital preservation of biodiversity. It is essential for all nations to be part of the climate solutions,” Whipps stated.

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