Baku: The issue of increasing financing to limit global warming to 1.5°C, compared to the pre-Industrial Revolution period, will be at the center of the discussions at the Climate Change Summit (COP29), taking place in Baku, Azerbaijan. During the work, participants will seek to secure a new target on financing for countries that need financial assistance to address the challenges of climate change.
According to Angola Press News Agency, the meeting of the Parties to the United Nations Framework Convention on Climate Change has as a fundamental priority to reduce greenhouse gas emissions and build resilient communities. Among the objectives of the event, which will take place under the motto ‘Increase Ambition, Enable Action’, there is also the reduction of greenhouse gas emissions to avoid even more serious consequences than those the world is currently facing.
The negotiations on Article 6 of the Paris Agreement, which creates a global carbon market within the framework of the United Nations, will also be
at the center of attention of the participants. During the preparatory meetings, the regional negotiating groups, of which Angola is a member, such as the Least Developed Countries (LDCs) and the G77 and China, are discussing and analyzing in detail the agendas of the different Subsidiary Working Bodies of the Convention.
The idea is to develop common positions for the negotiation processes of the various themes. The COP29 negotiation process focuses on the following themes: Climate Finance, Mitigation, Just Transition, Adaptation, Loss and Damage, Global Stocktaking under the Paris Agreement, Article 6 of the Paris Agreement, Enhanced Transparency Framework (ETF) under the Paris Agreement, Capacity Building and Technology Transfer, Agriculture, Climate Empowerment Action (ECA), Gender and Climate Change.