Azerbaijan supports COP29 increase in funding for measures to combat climate change

The planet is threatened by severe natural disasters if climate change is not curbed in a timely manner.This idea was a refrain in the speeches of the speakers at the media seminar held on August 24 due to the upcoming COP29 in Baku. According to Alexander Sayer, head of the communication department of the UNFCCC (United Nations Framework Convention on Climate Change), the strategic goal of the Paris Agreement on Climate Change is to keep the rise in global average temperature at 1.5 degrees Celsius by the end of the 21st century, or at least below 2 degrees Celsius.

Even while maintaining the temperature rise at 1.5 degrees. by the end of the century, 7% of the glaciers in the Arctic will melt. In the meanwhile, 2% rise will lead to the melting of 16% of glaciers.

However, if the measures of the international community are not effective, then with 3% rise in temperature, 63% of glaciers will melt and this will lead to global natural disasters.

According to Steyer, the fight against climate change requires more and more investments and the Baku COP29 meeting will be especially significant in terms of discussing the issue of raising funds for measures to combat climate change.

If, at the Copenhagen Climate Conference in 2009, it was decided to allocate about $ 100 billion annually for measures aimed at reducing greenhouse gas emissions, now this is not enough, said the chief negotiator for Azerbaijan on COP29, Deputy Foreign Minister Yalchin Rafiyev.

The main expectation from the COP conference, which will be held in Baku, is to determine a new upper limit for this assistance. "Because years have passed, the global economy has changed, demands and needs have increased, and the needs of countries have changed accordingly," Rafiyev said.

According to him, multilateral negotiations are currently underway to expand financial assistance to developing countries, and the work is underway on a strategy to reach consensus on this issue.

In turn, Azerbaijan will present 14 initiatives at the conference, Rafiyev continued. In particular, Baku proposes to create an Action Fund to finance the Fight against Climate Change, which will be funded by voluntary contributions from countries and companies producing fossil fuels.

Given this, other initiatives will relate to green energy, investments in human capital, and support for environmental activities in rural communities.

Baku also suggests that the Council of Europe should call on the countries of the world to peacefully resolve conflicts in order to mobilize political and diplomatic efforts to combat climate change.