COP29 leaders unveil climate funding and energy storage goals
Azerbaijan sets out ambitions for COP29 Summit
Countries need to set new financing target
Developing nations need more financial aid from wealthier countries
Baku outlines more than a dozen side initiatives
By Gloria Dickie
LONDON, Sept 17 (Reuters) -Less than two months ahead of the COP29 United Nations Climate Summit, the Azerbaijani leadership laid out its plans on Tuesday for what it hoped to achieve, as countries continue to wrestle with how to raise ambitions for a new financing target.
The main task for the November summit is for countries to agree on a new annual target for funding that wealthy countries will pay to help poorer nations cope with climate change. Many developing countries say they cannot upgrade their targets to cut emissions faster without first receiving more financial support to invest in doing this.
With countries remaining far from agreement on the financing goal, the COP29 presidency this week outlined more than a dozen side initiatives that could raise ambitions, but do not require party negotiation and building consensus which can hamper progress. These take the form of new funds, pledges, and declarations that national governments can adopt.
Notably, this includes a fund with voluntary contributions from fossil fuel producing countries and companies for the public and private sectors working on climate issues, as well as grants that can be doled out to assist with climate-fuelled natural disasters in developing countries.
Such side agendas use "the convening power of COP and the hosts’ respective national capabilities to form coalitions and drive progress," said Mukhtar Babayev, who holds the rotating COP presidency, in a letter to all parties and stakeholders.
Over 120 countries pledged at last year's COP28 summit in Dubai, for example, to triple renewable energy capacity by 2030.
The COP29 presidency also hopes to build support around a pledge to increase global energy storage capacity six times above 2022 levels, reaching 1,500 gigawatts by 2030. This would include a commitment to scale up investments in energy grids, adding or refurbishing more than 80 million km (50 million miles) by 2040.
Babayev, who is Azerbaijan's minister of ecology and natural resources, said the agenda would "help to enhance ambition by bringing stakeholders together around common principles and goals."
"We hope to address some of the most pressing issues while also highlighting remaining priorities," he said.
Another declaration would see countries and companies create a global market for clean hydrogen, addressing regulatory, technological, financing and standardisation barriers.
COP29 leaders have also appealed for a "COP Truce" that would highlight the importance of peace and climate action.
Despite countries' existing climate commitments, carbon dioxide emissions from burning fossil fuels hit a record high last year, and the world just registered its hottest summer on record as temperatures climb.
Reporting by Gloria Dickie; Editing by Sharon Singleton
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
