The Shamakhi Meeting has advanced negotiations on climate finance in preparation for COP29
A Heads of Delegation (HOD) meeting in Shamakhi, Azerbaijan, on July 26-27, marked a shift in negotiations on the adoption of the New Collective Quantitative Goal (NCQG) on climate finance ahead of the COP29 UN Climate Change Conference in November, reported the Kazakh Ministry of Ecology and Natural Resources on July 31.
In 2009, developed nations committed to mobilizing $100 billion annually by 2020 to support climate action in developing countries. This commitment was extended under the Paris Agreement to 2025, with a new financial goal to commence thereafter, starting at $100 billion per year and adjusted to the needs and priorities of developing nations.
Ahead of COP29, experts and delegates from over 40 countries addressed outstanding issues related to the adoption of the NCQG on climate finance. Yalchin Rafiyev, COP29 chief negotiator and Deputy Minister of Foreign Affairs of Azerbaijan, highlighted that the adoption of the NCQG will serve as a critical assessment of the Paris Agreement's effectiveness. He noted that the COP29 Presidency has elevated the negotiation process to a political level to facilitate progress.
Shattyk Tastemirova, head of the Climate Change Adaptation Department at the Kazakh Ministry of Ecology and Natural Resources, indicated that the Shamakhi Meeting has made significant progress in clarifying the terms of the NCQG.
“In general, adaptation is a relatively new area. It was only in 2021 that the concept of adaptation appeared in our environmental code. Prior to that, it was absent from our national legislation. We have worked on improving legislation and included a chapter on climate adaptation. We have identified four priority sectors for ourselves: agriculture, forestry, water management and disaster risk reduction related to climate change,” said Tastemirova.(Source:astanatimes)
