PM: Hungary aims to reduce greenhouse gas emissions by 50%

Hungarian Prime Minister Viktor Orban has said that big corporations must contribute to climate protection, Hungary aims for 50 per cent greenhouse gas emission reduction.

Orban made these remarks at the Summit of World Leaders within the framework of 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.

"We cannot impose unrealistic goals on businesses and farmers. We need to offer them practical support. The green transition and climate action should not be set against the business community. On the contrary, this process must be mutually beneficial, requiring financial guarantees and significant investments. Large corporations must play their part in climate protection," he said.

He stressed that global climate policy should be based on common sense, rather than ideological beliefs or panic-driven measures.

Orban emphasised that the interests of Hungarian citizens must also be taken into account in the context of climate action. 

"We are an important player in energy storage and electric vehicle development. We continue investing in our nuclear energy sector, increasing its share to 70 per cent," he stated.

Orban highlighted Hungary's key role in energy transit from east to west and reaffirmed the country's leadership in climate protection within the EU. 

"We are reducing emissions, and as for the future, we have ambitious goals. Our target is to cut greenhouse gas emissions by 50 per cent, not just 40 per cent," the Hungarian prime minister said. 

The Summit of World Leaders within the framework of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) has started in Baku. On November 11, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) officially kicked off in Baku, marking one of the most significant and prestigious global events. COP29, which is being held at the Baku Stadium from November 11 to 22, is Azerbaijan's largest event to date and the first of its kind in the region. A "Host Country Agreement" and other key documents were signed between the Azerbaijani government and the Secretariat of the UN Framework Convention on Climate Change. The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantified Goal (NCQG) related to climate finance. 

The COP29 presidency has put forward 14 initiatives that encompass the interlinkage between climate action and sustainable development goals. These include green energy corridors, green energy storage, climate resilience harmony, clean hydrogen, methane reduction from organic waste, and actions in the field of green digital technologies, among other topics. One of the proposed initiatives is the establishment of a Climate Finance Action Fund. Beyond prioritising climate finance, which brings everyone together, this initiative will also contribute to meeting the 1.5°C commitment. 

Azerbaijan attaches great importance to environmental protection and addressing the impacts of climate change, actively working in this direction. The country’s unanimous election as the host of the 29th session of the Conference of the Parties is a clear testament to this. As noted by the President of the Republic of Azerbaijan, Ilham Aliyev, this is a sign of great respect and trust from the international community towards Azerbaijan.

By Naila Huseynova