"At this COP, it is expected to reach a consensus on an NCQG. Japan has contributed to global efforts in climate finance. Specifically, Japan pledged $70 billion in public and private support for actions to deal with climate change in developing countries over the five years until 2025 and we are steadily working to achieve this goal," Japanese Environment Minister Asao Keiichiro said at the COP29 High-Level Meeting, Report informs.
"It is necessary to arrange a framework in which the international community contributes to climate change measures in a cooperative manner. Particularly contributions from countries with the capacity to do so and the mobilization of private sector funds are essential for achieving the 1.5 degree goal," he said.
According to him, more than 30 years have passed since the UNFCCC was adopted in 1992 and the global economy has changed significantly.
"The NCQG must take this reality into account regarding mitigation. In light of last year's decision on the Global stocktake, Japan calls on all parties to set economy-wide emission reduction targets, including all greenhouse gas sectors and categories that are consistent with the 1.5 degree goal and based on the latest science, we also call on, among other things, major economies to set up absolute emission reduction targets," he said.
"Furthermore, we stress that it is essential to include strong messages to advance mitigation efforts, including following up mitigation part of the global stocktake decision. Japan is continuing its efforts to reduce greenhouse gas emissions in line with its current NDC and net zero by 2050," the minister said,
"We will accelerate our work toward the submission of the next NDC by next February, an NDC that is ambitious and consistent with the 1.5-degree goal. Japan announced the Cooperative action for NDC Implementation and Transparency Enhancement and will promote actions internationally so that parties can steadily implement impudent measures based on their NDC, ensure transparency, and share their progress globally," he noted
According to him, Japan would like to emphasize that the success of the SCOP requires the decision on the debt Detailed operational rules of Article 6 of the Paris Agreement.
"Article 6 is intended for the establishment of a high-quality carbon market, encouragement of mobilization of private finance for decarbonization technologies, and expansion of mitigation efforts worldwide through international cooperation. Japan will contribute to the decarbonization of the world through the Joint Crediting Mechanism or JCM," he said.
The minister called upon all parties to work together to bring COP 29 to a success.
"Let us continue our steadfast mitigation efforts toward the 1.5-degree goal," he added.