Minister underlines importance of supporting COP28 Consensus on $1 trillion Climate Fund

The Pre-COP29 event that started in Baku will help advance issues related to the "New Collective Quantitative Goal," Article 6 of the Paris Climate Agreement, the formation of an international fund to combat losses and damages, and the Green Climate Fund.

The designated President of COP29, Mukhtar Babayev, Minister of Ecology and Natural Resources of the Republic of Azerbaijan, stated this in his speech during the Preliminary Conference of the Parties on Climate Change of the UN (Pre-COP29) in Baku, Azernews reports.

"Pre-COP29 will help achieve progress on these important issues. All work cannot be left to COP29; we can reach certain decisions even before the climate summit," M. Babayev noted.

According to him, in Baku, it is important to support the consensus reached within the framework of COP28, such as collecting and ensuring the use of 1 trillion US dollars annually for addressing the climate problems of developing countries, especially island states.

"Climate finance will be one of the main issues at Pre-COP and at COP29 itself," said the COP29 President.

He also mentioned that the 2-year transparency reports (BTR) and the countries' national plans for climate commitments (NDC), which should be submitted by the end of 2024 by countries that joined the Paris Climate Agreement, must be submitted by February 2025.

"Their implementation will determine real steps to reduce emissions of greenhouse and non-greenhouse gases," M. Babayev stressed.

At the same time, he noted that decisions on Article 6 of the Paris Climate Agreement will have global significance.

"We believe that all political debates should be postponed for the sake of a brighter climate future. I hope this will be supported by all participants of COP29," M. Babayev added.