COP29 Organising Committee member expresses goal of securing $500bn in climate finance

BAKU: A member of the COP29 Organising Committee, MP Parvana Valiyeva, has said that the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) will be held in Baku from 11th to 22nd November 2024. In an interview with the Azerbaijan State News Agency (AZERTAC), she said, 'The main expectation from COP29 is the agreement of a new financial amount for climate action to be paid by developed countries to developing ones.' She added, "Indeed, this target needs to be significantly increased to at least $500 billion or even $1 trillion. The global community expects this from developed countries. Serious work should be done in this area.' As COP29 Chair, Azerbaijan attaches great importance to assisting the countries most affected by the negative impacts of climate change and the issues of small island developing states (SIDS). In this regard, she referred to the Pact for the Future, which was adopted as the key result of the Summit of the Future held i n New York on September 22-23. 'This document outlines the primary areas of countries' actions in the coming years and contains a separate paragraph on COP29.' President of the Republic of Azerbaijan Ilham Aliyev stressed that developed and developing countries should contribute to the solution of climate problems within their capabilities instead of accusing and blaming each other for climate change. 'Although our country is working towards achieving the historic agreement in Baku, the Baku Agreement, joint efforts and the constructive participation of all Parties is needed to achieve tangible progress. All parties have a collective responsibility in this matter,' she concluded. Source: Emirates News Agency