Climate finance doesn't work without carbon emissions reduction, and emissions reduction requires climate finance, German Foreign Minister Annalena Baerbock said today at a press conference in Baku during COP29, according to Report.
"From the beginning, it was clear that COP29 is primarily a finance conference. The main topics are how we can deal with huge climate challenges, including loss and damage and adaptation measures that need to be implemented by 2035 within climate norms," said Baerbock.
The German foreign minister emphasized that without reducing carbon dioxide emissions, climate finance will not be effective. "We will no longer be able to pay for the damage caused to the world if we don't get as close as possible to the goal of keeping global warming below 1.5 degrees. Every tenth of a degree of global warming makes the damage more costly. That's why it was important for the European delegation to secure the progress made in Dubai on climate change mitigation and use it for further development of climate finance," said the minister.
Baerbock also emphasized the need for the international community to work together to address climate problems and minimize losses.