The problem of climate change goes beyond ecology, covering economic and political aspects, the Minister of Ecology and Natural Resources of Azerbaijan, President-designate of COP29, Mukhtar Babayev, said on Thursday June 6, 2024, during his video address to the participants of the St. Petersburg International Economic Forum.
The minister reminded that the issues of climate financing will be the main topic at the COP29 to be held in Baku.
“Climate financing will be the main topic at the upcoming Baku Conference of the parties. We need to agree on a new collective climate finance quantitative target at COP29. Work on setting a new collective climate finance quantitative target will need to take into account many interrelated elements. Climate finance has been one of the most difficult topics in climate diplomacy for many years. Obviously, all parties have valid points. We are listening to all parties to understand their priorities and help to align positions to achieve a fair new goal,” he said.
Babayev also stressed that the main challenge is to find ways of an efficient and fair transition to a low-carbon economy while ensuring sustainable economic development.
In a related development, Hydrogen Europe has said that it is ready to work with the leadership and partners of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) on hydrogen-related issues, according to the Director of Trade and International Relations at Hydrogen Europe Maria Assumpcio Rojo Torrent.
She made the remark during the plenary discussions themed “COP29 strategic development ways for a green world, financing of green energy projects” on the second day of the Baku Energy Forum.
The director noted that issues related to hydrogen were brought up in recent COP events: “We think this will continue at COP29. This event will be a great opportunity to better understand the role that hydrogen will play in the widespread use of renewable energy sources.
Another important aspect of COP29 is increasing climate finance for the global energy transition. We should seek to increase public funding in line with climate goals. However, since public funding is insufficient, it is also important to encourage private investment and facilitate access to capital markets for SMEs.”
Azerbaijan has every chance to achieve success at the upcoming COP29 climate conference, according to Samir Suleymanov, the Director of Climate Finance for COP28.
Speaking at the Baku Energy Forum, Suleymanov expressed his optimism about the transition of the COP presidency from the United Arab Emirates to Azerbaijan.
“The handover of the COP chairmanship from the UAE to Azerbaijan is a fortunate factor, both in terms of the geography of the event and other indicators,” Suleymanov stated. “Both countries share a similar vision on key issues, such as energy efficiency. Therefore, I am very hopeful that by building upon the results already achieved, we can make significant progress.”
Suleymanov emphasised that the challenge lies not only in financing measures to prevent climate change, as funds can be attracted in the desired volume. “There must also be those who can implement the tasks set,” he added.
“It is necessary to consider the real capabilities of each country so that they can build a decarbonised economy,” Suleymanov noted.
