RIYADH: As the 29th UN Climate Summit got underway in Azerbaijan, world leaders demanded more financing, more carbon markets, and more international collaboration to tackle the growing environmental problem.
Sultan Ahmed Al-Jaber, who presided over the previous summit in Dubai last year, relinquished his chairmanship to Mukhtar Babayev, the Minister of Ecology and Natural Resources of Azerbaijan, on the first day of COP29.Speaking at the event in Baku, Babayev said that the effects of climate change are already being felt globally and emphasized the significance of international cooperation in addressing these issues.
He underlined that reaching a consensus on a just, aggressive, and collaborative climate financing aim that is adequate and effective in addressing the scope and urgency of the issue is the main objective of the COP29 presidency.
“We are aware of the financial and political limitations. These figures can seem substantial, yet they pale in comparison to the price of doing nothing. “These investments yield returns,” he stated. Babayev also highlighted the importance of finalizing Article 6 of the 2015 Paris Agreement, which focuses on the development of carbon markets where countries, companies and individuals can trade greenhouse gas emissions credits.
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