$720 million first COP29 results
$720 million first resultsCOP29
On a global level,COP29continues its activities with the participation of climate action leaders, as the countries of the world seek in Baku – the capital of Azerbaijan – to re-correct the course of climate strategies, and to participate in activating further efforts to combat the climate and adapt to its changes that are intensifying day after day. So a group of multilateral development banks participated on the first day of COP 29; With a desire to accelerate climate efforts within the framework of the Paris Climate Agreement.
On the first day of the Twenty-Ninth Conference of the Parties (COP), the multilateral development banks were able to implement an annual financial assessment exercise; So that the world can finance countries whose income ranges between low and medium rates, provided that this funding is allocated to combating climate change.
Prominent financial institutions, including the World Bank Group, will commit to this climate financing. Desiring these institutions, states parties, and the Azerbaijani presidency of the Twenty-ninth Conference of the Parties (COP) – to resume the climate efforts presented by Egypt and the UAE at the twenty-seventh and twenty-eighth Conferences of the Parties.
This was in the prominent presence of the Executive Secretary for Climate Change at the United Nations, Simon Steele, the Executive Director of the Loss and Damage Fund, Ibrahima Sheikh Diong, the Senior Director General of the World Bank, Axel van Trotsenburg, and the World Bank Vice President for Financing for Development, Akihiko Nishio, as well as in the presence of representatives of the twenty-seventh and twenty-eighth presidencies of the Conference of the Parties (COP).
Regarding the financial estimation process, Mukhtar Babayev commented: “This progress will allow usto convert pledges into real support.” The COP29 president added: “We have to deliver what the world expects. As part of our responsibility, we are committed to ensuring that we provide the appropriate climate for stakeholders. In order to discuss ways to implement climate finance”.
Also, the first hours of COP29 did not pass until the States Parties agreed to fully operate the “Loss and Damage Fund”; This may enable the world to mobilize the funds required to confront the increasing climate challenges. Therefore, the Fund is now ready to accept financing contributions.
Regarding this, Ibrahima Sheikh Diong, Executive Director of the Loss and Damage Fund, said: “Today we feel the power of global solidarity in promoting climate action.” In confirmation of this, World Bank Group President Ajay Banga said: “The Loss and Damage Fund is very important. Because it provides the required financial support to vulnerable countries affected by climate change, which makes the World Bank proud that it has played an effective role commensurate with the current global moment”.
These were the first results of COP29, and the past few days will reveal the sincerity of these endeavors and the extent of their seriousness, especially in light of a tense global situation. This is whyEarth Guards emphasizes that the essence of sustainable development and climate action is based on actual steps whose impact can be seen on the ground.
