Seventh day at COP29 Summit

Azerbaycan’s capital was held in Baku in COP29 (The Framework of Change of the Framework Agreement 29’s Parties Conference) Climate Summit, the financing agreements were in the forefront of climate transparency and voluntary contribution discussions. At the peak of the influence of G20 Summit to climate negotiations, the countries continued negotiations in accordance with financial contributions and transparency targets.

Kesin is yet early to give digits
In the peak entering the second week, the United Nations (BM) Climate Chief Simon Stiell evaluated the current situation by calling countries to compromise on a stronger climate financing agreement. Climate financing protects the importance of COP29 as one of the key headers, the head of peak Mukhtar Babayev financing structure, which will contribute to the countries and the size of funds, as well as the point of negotiations Home. Babayev announced that negotiations will continue until the last day by expressing that any exact number is yet early to give. [

Special sector investments critical importance
] The European Union (EU) stated that China and some Gulf countries should also contribute to voluntarily to climate financing when considering economic growth. The EU Climate Commissioner Wopke Hoekstra stressed that the EU has a fair contribution to global climate financing and support as long as other strong economies. The EU’s proposal includes the inclusion of advanced countries in addition to the current binding financing targets, as long as the voluntary contributions of Chinese and Gulf countries. Hoekstra noted that private sector investments are critical.

Transparent transparency: Baku Declaration accepted
] In the Summit yesterday, Baku Declaration aimed at increasing transparency in the climate targets was accepted. COP29 Presidency targets a transparent reporting system in accordance with the National Contributors (NDC) to increase trust between countries and monitor progress. COP29 President Mukhtar Babayev stated that the transparentness played a key role in the effective implementation of the Paris Agreement, giving support to Baku Transparency Platform to strengthen transparency mechanisms. This initiative aims to provide a support platform to adapt to the transparency requirements of emerging countries.

The effect of the G20 Summit
G20 Summit started simultaneously in Brazil with the COP29 Summit in Baku. The results of climate financing in COP29 are expected to be taken at the G20 Summit. Especially developing countries specifies financial needs as a $ 1.3 trillion, experts predict that at least 1 trillion dollars per year for climate financing.
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Call for action from children
] In the peak yesterday, young delegates under the Day of Children and Youth gave a strong message to the world leaders in climate crisis. A 14-year-old participant in Pakistan said, “We face unique challenges due to the change of hope, but our solution recommendations also have” stressed that children expect action on climate crisis. This message of young people was once again the critical importance of COP29’s future.