Arab News
RIYADH: Dozens of world leaders convene in Azerbaijan on Tuesday for COP29 as the UN Secretary-General warned of the clock ticking for action to limit global temperature rises.
Speaking at the gathering in Baku Antonio Guterres said the world is in the “final countdown” to limit global temperature rise to 1.5 degrees Celsius.
He added that 2024 is “almost certain” to be the hottest year on record.
His comments came as leading figures from governments around the world arrived for the summit, although many top politicians are not attending this year’s summit.
US President Joe Biden, China’s Xi Jinping, India’s Narendra Modi and French leader Emmanuel Macron are among G20 leaders missing the event.
The top priority at COP29 is landing a hard-fought deal to boost funding for climate action in developing countries.
🇦🇿President of #Azerbaijan Ilham Aliyev (@presidentaz ) :
More than 72,000 participants were registered for #COP29 from more than 196 countries. Welcome to #Baku! pic.twitter.com/zrxIKNskBi
— COP29 News (@Cop29News) November 12, 2024
‘Developing countries must not leave Baku empty-handed’ – UN Secretary-General Antonio Guterres
Guterres used a speech at COP29 to say the forum “must tear down the walls to climate finance.”
He set out five elements he believes are critical to success:
- A significant increase in concessional public finance.
- A clear indication of how public finance will mobilize the trillions of dollars developing countries need.
- Tapping innovative sources, particularly levies on shipping, aviation, and fossil fuel extraction. Polluters must pay.
- A framework for greater accessibility, transparency, and accountability – giving developing countries confidence that the money will materialize
- Boosting lending capacity for bigger and bolder Multilateral Development Banks.
Voluntary Carbon Markets
An announcement away from the speeches as Saudi Arabia’s Regional Voluntary Carbon Market Co. today launches its voluntary carbon market exchange platform, bringing 22 domestic and international companies on board on its first day of trading.
The launch of the platform is a major milestone in Saudi Arabia’s ambition to become one of the largest voluntary carbon markets in the world by 2030. It aims to scale up the supply and demand of high-quality carbon credits across the Global South and beyond, driving funding to climate projects that require finance, supporting the transition to global net zero emissions.
Speaking in Baku, Riham El-Gizy, RVCMC’s CEO said: “The message coming into COP is clear: To accelerate global decarbonization we must unlock financial flows to critical climate projects on an enormous scale. High integrity voluntary carbon markets can play an important role in bridging the climate finance gap this decade. But institutional grade infrastructure must be put in place to help buyers and sellers scale up private sector participation and achieve the market’s potential.”
RVCMC was established by the Public Investment Fund and Saudi Tadawul Group Holding Co. in October 2022. PIF holds an 80 percent stake and Tadawul Group holds a 20 percent stake in the company.