Actions will speak louder than words: Article by COP29 CEO
Al Arabiya TV website has published an article by Elnur Soltanov, Chief Executive Director of COP29, focusing on the upcoming climate conference in Baku this November. The piece emphasizes the urgent need for concrete actions in the fight against climate change.
Azernews is delighted to share this article with our readers:
COP29 is not just a global conference; it is a beacon of hope and action in the fight against climate change. We hope that this November in Baku we will see firsthand the renewed vigour and commitment to continue this fight in the face of such impending danger. This may be the world’s last opportunity to keep 1.5C within reach and if we miss it, the damage and costs of returning to 1.5C will be great. As the CEO of COP29, I am aware of the important role the business community needs to play on our shared journey towards a sustainable future. Nowhere is that truer than in the MENA region, where about 70 percent of the region’s emissions now fall under net-zero pledges. The private sector can support in ensuring that these pledges become reality.
COP29: Two pillars of action
At the heart of the COP29 Presidency’s vision is a plan built on
two equally ranked and mutually reinforcing pillars: to enhance
ambition and enable action. To enhance ambition, the critical
reporting and planning tools due in the coming years must signal
clear intent from all parties and align to the target and ambitions
set out in the Global Stocktake agreed at COP28 in the UAE for how
to keep 1.5C withing reach, leaving no one behind.
To enable action, we must reach important agreements on climate
finance: agreeing to a new climate finance goal (NCQG) and
finalising Article 6 to support the development of high-integrity
carbon markets for climate positive action. Progress on climate
finance will send an important signal, to parties and to the world,
that the ambition we need to meet our climate goals will be
supported by the resources required. Both of these pillars have the
same priority, should be pursued simultaneously and in solidarity
among parties and non-party stakeholders.
Through these pillars, COP29 will address key topics from energy
transition, to sustainable agriculture to technology and
innovation. To achieve the breakthrough we need, we will have to
work in solidarity, strengthening existing foundations to build on
the progress made in the UAE last year. A good example of this is
the ‘Troika’ (the partnership between the COP28 UAE, COP29
Azerbaijan, and COP30 Brazil Presidencies) established to enhance
cooperation and maintain focus on stimulating ambition in the next
round of nationally determined contributions (NDCs).
Azerbaijan is ideally positioned to bring the Parties together to
deliver climate action at COP29. Among many other things, we will
also build on our multilateral diplomacy experience and successful
four-year chairmanship of the Non-Aligned Movement (NAM) together
with our understanding of the needs of all parties in an effort to
work with them to find fair and shared solutions.
Since the commencement of our Presidency, we have made significant
strides and the MENA region, with its unique challenges and
opportunities, can play a pivotal role in COP29’s vision and call
to action. COP28 laid a strong foundation, highlighting the urgent
need for sustainable energy solutions and water conservation in
arid environments. Building on this, COP29 aims to further
integrate the region’s efforts into the global framework.
The MENA region’s vast solar potential, for instance, has a lot of
qualities to become a game-changer of global proportions. By
investing in solar energy, the countries of the region are already
leading the way in renewable energy adoption. Additionally, water
scarcity solutions, such as advanced desalination technologies and
sustainable agriculture practices, can set global benchmarks. The
region’s commitment to these areas not only addresses local
challenges but also contributes significantly to global
sustainability targets.
A shining example of international collaboration can be seen in
the partnership between Azerbaijan and regional countries.
Azerbaijan, with its rich oil history, is pivoting towards
renewable energy, aligning with the green goals of COP29.
We are already making progress on our target to achieve 30 percent
renewable electricity generation capacity by 2027, working with
international energy corporations including MENA based Masdar and
ACWA Power on a pipeline of renewable energy projects amounting to
more than 20 GW.
Mobilising the Middle Eastern private sector
This year’s COP29 is aptly termed the ‘Finance COP,’ reflecting
our intensified focus on mobilising climate finance. The private
sector in the Middle East is uniquely positioned to be a leader in
this charge. With sovereign wealth funds and significant private
capital, the region can spearhead investments in green technologies
and sustainable infrastructure, and there is evidence of an
ambition to lead on these fronts.
Already, we are witnessing transformative initiatives and tangible
progress not just in the GCC, but also in the Levant in countries
such as Jordan, as well as in North Africa in Egypt and Morocco.
There are numerous examples I could point to, such as the UAE’s
Green Fund and Saudi Arabia’s Public Investment Fund, who are
allocating substantial resources to renewable energy projects and
sustainable urban development. These funds are not just investments
in infrastructure; they are investments in the future, ensuring
long-term economic stability and environmental stewardship.
Meanwhile, Morocco has the highest total installed electrical
capacity from renewables among Arab countries, and Jordan has
raised its renewable energy target to 50 percent. Ambition in these
countries, and others across the region, presents an immense
opportunity for the private sector to play its part in the
transition.
Furthermore, innovative financial instruments such as green bonds
and sustainability-linked loans are gaining traction in the region.
These tools enable businesses to raise capital specifically for
environmental projects, aligning financial success with ecological
responsibility. By adopting these instruments, Middle Eastern
companies can set a global example of how the private sector can
drive climate action.
Several countries in the Middle East have been setting up voluntary
carbon markets, which act as platforms where those looking to
offset their emissions can connect with project developers offering
verified carbon offsets.
RVCMC, established by PIF and Saudi Tadawul Group in October 2022,
demonstrates the progress being made in the MENA region. RVCMC is
creating a credible voluntary carbon market at speed and at scale
with global impact. The market prioritises high quality carbon
credits and positive climate action, creating an ecosystem that
includes an investment fund for climate mitigation projects, an
exchange for the trading of carbon credits and advisory services
that help organisations understand how to decarbonise.
Conclusion: A call to action
At COP29, Azerbaijan will seek to bring parties together on this
critical issue. Given our country’s important role in global energy
security, we recognize the need for a just and orderly
transition.
And it is our actions that will speak louder than our
words.
We are embedding climate action into our national development plans and aiming to transition towards exporting renewable energy with the development of 5GW of renewable energy capacity by around 2030, which can be exported to Europe via the Black Sea through the Caspian-Black Sea-European Green Energy Corridor and Türkiye.
As we advance through COP29, I urge the Middle Eastern business
community to show the world how the region holds the potential to
lead in renewable energy, sustainable water management, and climate
finance. By embracing these opportunities, you are not only
contributing to global sustainability but also safeguarding the
prosperity and resilience of your own economies.
COP29 presents an opportunity to unite in our commitment to a
greener world. Collaborating with partners in the MENA region, and
through innovation and investment, we can show our clear commitment
and turn the tide on climate change.
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