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(Source: COP29)<\/p><\/div>\n
During his remarks at the COP29 World Leaders Climate Action Summit, President His Highness Sheikh Mohamed bin Zayed Al Nahyan emphasized the UAE\u2019s longstanding tradition of environmental stewardship and its commitment to sustainable development principles. He noted that this dedication led to the UAE\u2019s hosting of COP28 last year, during which the country championed international cooperation to provide an effective response to the first Global Stocktake assessing progress in achieving the goals of the Paris Agreement.<\/p>\n
Sheikh Mohamed also noted that the historic UAE Consensus of COP28 confirmed a mutual global resolve to achieve a systematic, responsible, fair, and rational transition within the energy sector. The agreement also provided a roadmap for meeting the ambitions of the Paris Agreement and succeeded in restoring trust in the multilateral system through commitments to previous financial pledges and efforts to mobilize climate funding for the most vulnerable nations and communities.<\/p>\n
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Forging a sustainable future<\/h3>\n
For his part, Mukhtar Babayev, Azerbaijan\u2019s minister of ecology and natural resources and president of COP29, affirmed his collaboration with the COP28 presidency to enhance the implementation of the historic UAE Consensus. Babayev also expressed gratitude to the COP28 presidency, led by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, for their ongoing partnership. He mentioned that it was an honor to take the gavel from Dr. Al Jaber as they worked together to advance the UAE Consensus.<\/p>\n
As COP29 President, Babayev emphasized the conference\u2019s commitment to inclusivity, transparency, and collaboration among parties. He highlighted this moment as a crucial opportunity to forge a path towards a sustainable future. Babayev also underscored the necessity of establishing an ambitious climate finance target that is equitable and meets the needs of least developed countries, small island states, and other developing nations.<\/p>\n
Describing the negotiation process at COP29 as challenging, the Azerbaijani minister also called upon all parties to engage, collaborate, and cooperate to empower communities impacted by climate change. He stressed the importance of teamwork in creating a sustainable legacy for future generations. Babayev expressed a strong determination to prepare a comprehensive package across all sectors, advocate for a significant global outcome, mobilize climate finance, and work collectively toward viable solutions.<\/p>\n
Read: UAE President urges accelerated climate action, COP29 President calls for strengthened implementation of UAE Consensus<\/strong><\/a><\/p>\n Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (Source: WAM)<\/p><\/div>\n Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC), expressed his appreciation for the UAE\u2019s relentless efforts during its COP28 presidency. In his opening remarks at COP29, Stiell stressed the significance of a unified financial commitment to climate action. \u201cWe must agree on a new global climate finance goal. If at least two-thirds of the world\u2019s nations cannot afford to cut emissions quickly, then every nation pays a brutal price,\u201d he added.<\/p>\n Stiell stressed that states must not regard climate finance as \u201ccharity\u201d, noting \u201can ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest\u201d. He added that simply agreeing on a goal isn\u2019t enough, adding that, \u201cWe must work harder to reform the global financial system, giving countries the fiscal space they so desperately need.\u201d<\/p>\n \u201cHere in Baku, we must get international carbon markets up and running, by finalizing Article 6. We need to move forward on mitigation, so targets from Dubai are realized,\u201d Stiell added<\/p>\n \u201cWe mustn\u2019t let 1.5 \u00baC slip out of reach,\u201d Stiell said, noting that clean energy and infrastructure investments will likely reach $2 trillion in 2024 \u2014 almost twice that of fossil fuels.<\/p>\n For more on sustainability, click\u00a0here<\/b><\/span><\/a>.<\/p>\n![\"\"](\"https:\/\/carilec.org\/wp-content\/uploads\/2024\/11\/BAKU-4-300x177.jpg\")
Climate finance targets<\/h2>\n