Meloni: Italy advocates for fair distribution of responsibility in financing

Italy advocates for fair distribution of responsibility between developed and rapidly developing economies regarding climate financing, Italian Prime Minister Giorgia Meloni said at the COP29 Leaders Summit in Baku.

According to Report, Meloni noted that at the COP28 conference in Dubai last year, countries set ambitious goals to triple renewable energy capacity and double energy efficiency by 2030. Achieving these goals requires global cooperation and financing, she said.

"During COP29, we will work on adopting a new climate financing goal. We must reach a compromise. This requires fairly distributing responsibility between developed and rapidly developing economies, and overcoming disagreements. Italy will continue doing everything possible on its part," she said.

According to her, Italy will continue participating in climate initiatives such as the Loss and Damage Fund. "Additionally, we will promote the development of multilateral development banks. We must understand that in decarbonization conditions, we need to consider the sustainability of our economic and social systems. We must protect nature. However, an overly ideological, non-pragmatic approach could lead us astray from progress. Technological neutrality is the right approach," the politician said.

Meloni called for a realistic view of the future, considering that by 2030 the world population will reach 8.5 billion, and GDP will double, which in turn will lead to increased energy consumption.

"We must use all available technologies, not only renewable sources but also gas, biofuels, carbon capture, hydrogen, etc. We also need to use nuclear fusion, which will result in safe, clean, and unlimited energy. Italy is at the forefront of nuclear fusion. We intend to continue developing this technology that can change everything," she said.

The prime minister noted with satisfaction that Azerbaijan, as COP29 chair, is working on the "Climate for Peace" initiative. "As with any COP, we determine whether it will be a success or failure. As William James said, let's act so that our actions really make a difference," she concluded.