Major topic for COP29 to be held in Azerbaijan is financing, Jennifer Morgan, Secretary of State and Special Representative of Germany for International Climate Action at the German Foreign Ministry, said during a press conference in Baku, Trend reports.
‘In order to achieve this kind of transformation of our economic systems, we need to shift the financial system away from financing fossil fuels and unsustainable land use into renewable energy, energy efficiency, sustainable land use, decarbonization of the industry sector. The key one for the COP is one called the New Collective Quantified Goal,’ she said.
Morgan noted that most countries around the world have adopted a long-term goal of a net zero target by 2050.
‘Often COP presidents use these opportunities of COPs to actually increase their own ambition and demonstrate their seriousness to tackling the climate crisis by taking on a net zero goal. We would certainly advise and hope that Azerbaijan will also do that by mid-century. I think that’s one o
f the responsibilities that comes with being a COP president is also looking at what one is doing at home in order to implement and address the climate crisis. But we know we’re far off track. We’re not on track to stay below 1.5 degrees,’ she said.
Morgan believes that a key outcome from COP 28 under the UAE presidency was the decision to transition away from fossil fuels in a just and orderly fashion to triple renewable energy and double energy efficiency by 2030.
‘This year, certainly it is all about implementation of the COP28 outcomes,’ she added.
Source: Trend News Agency