Thursday 21/November/2024 – 09:07 AM
Dr. Yasmine Fouad, Minister of Environment, and her Australian counterpart, Chris Bowen, handed over the results of their leadership of consultations on reaching a new quantitative collective goal for climate financing, within the framework of the Azerbaijani presidency of the COP29 climate conference authorizing them to undertake this task.
This came during her participation in the Azerbaijani presidency session of the COP29 climate conference to evaluate the results of the leadership of the bilateral ministerial teams on pressing climate issues, within the activities of the ministerial segment of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), held in the Azerbaijani capital, Baku, during the period from 11 to 22 November 2024. Under the slogan “Investing in a livable planet for all.”
A new quantitative collective target for climate finance
Dr. Yasmine Fouad, Minister of Environment, confirmed in a statement a short while ago that since she assumed the task of joint leadership with her Australian counterpart to conduct consultations on the new quantitative collective goal for climate financing, and during the past few days of the conference, they managed consultations on the infrastructure of contributions and the financing figure through a group of Meetings with various groups and parties, where various opinions were heard, which witnessed clear differences regarding the financing infrastructure, despite all parties agreeing to mobilize some degree of climate financing already.
Fouad added that some parties believe that reaching trillions of dollars in financing from all sources would be wiser, and with regard to the shareholder base, all parties agreed that the goal is not to review or change Article 9 of the Paris Agreement on this matter and to reconsider the agreement. Paris itself, all groups stressed the importance of Article 9, while some countries suggested that there be clarity in the text so that there would be no change in the ability to receive funding.
As part of his commitment to inclusiveness and transparency, COP29 President Mukhtar Babayev called on pairs of ministers to lead consultations with groups and parties on his behalf on outstanding issues on the climate agenda, to strengthen the political participation of all parties to find a balanced and inclusive way forward.
