BAKU, Azerbaijan, July 22. The international financial system should be reformed to make climate financing more accessible, the President of COP28, UAE Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber said at the eighth Ministerial on Climate Action (MoCA) in Wuhan today, TurkicWorld reports.
"It's important for all sectors of the world's economies to recognize the importance of climate resilience as a core principle. The international financial system needs to be reformed to make climate financing more accessible. Investment from the private sector needs to be encouraged," said the COP28 President.
According to him, the COP Troika (UAE, Azerbaijan, and Brazil) is intended to play a key role in maintaining momentum in the fight against climate change.
"We urge all countries to present their NDCs (nationally determined contributions to emission reductions) at COP29. These commitments need to be turned into practical plans. The plans should be comprehensive, balanced, and aimed at mitigating the impacts of climate change," Al Jaber added.
This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. The COP—the Conference of the Parties—is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Germany's Berlin, with its secretariat in Bonn.
COP30 will take place in late 2025 in Brazil.
