Baku 19° C
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The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Azerbaijan will be the place to discuss and create mechanisms and ways to implement many of the decisions taken at the previous climate conference COP28 in Dubai, Jennifer Morgan, Secretary of State and Special Representative of Germany for International Climate Action at the German Foreign Ministry, said at a meeting with a group of journalists in Baku, Report informs.
According to the secretary of state, for example, the creation of a financing mechanism and Nationally Determined Contributions, or NDCs, for the common cause are key.
Get more clarity on how countries define NDC, making it a full economic plan for the future, what the characteristics will be, what those future plans will include for 2025, she said. All these issues will be on the agenda this year, she noted, adding that important discussions will be around how to ensure that these plans meet the 1.5-degree Celsius target.
Regarding issues of financial mechanisms, Morgan noted the importance of economic transformation around the world. At the same time, the COP presidency must, in addition to countries, involve international financial organizations in dialogue in order to jointly move in the right direction, she said.
To achieve the transformation of economic systems, it is necessary to move the financial system away from investments in fossil fuels and unsustainable land use towards renewable energy, energy efficiency, better use of land, decarbonization of industry, she noted, adding that the key to this is the new collective quantified goal for climate finance.
So this trajectory towards the 1.5 degree target is a good path, Azerbaijan can work with the UAE to further expand on the progress made at COP28 and set the stage for COP30 in Brazil to set targets for each country’s nationally determined contribution level, Morgan added.
