Azerbaijan Leads Climate Finance Call at COP29

Azerbaijan, hosting this year's UN climate conference, urges nations to resolve issues for a new climate finance goal. COP29 President Mukhtar Babayev highlights the need for a consensus on an effective and ambitious New Collective Quantified Goal to address the urgent climate crisis. He stresses that past progress is insufficient.

As the host of the UN climate conference this year, Azerbaijan has made an urgent appeal to countries worldwide to address remaining challenges in agreeing on a new climate finance goal. The aim is to assist developing nations in combating and adapting to climate change.

COP29 President Mukhtar Babayev emphasized at the summit's opening that present policies are setting the stage for a 3 degrees Celsius rise in global temperatures, posing catastrophic risks for billions. He underscored the necessity of finding common ground on a new climate finance target to succeed the outdated USD 100 billion goal set in 2009.

The negotiations are proving to be complex, as countries must urgently reconcile differing views on contributor roles and financial amounts, with only 12 days left to finalize the deal. Babayev warned of the far-reaching consequences of inaction, which poses a threat to global security, prosperity, and well-being.

(With inputs from agencies.)