The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) has commenced in Baku, Azerbaijan. World leaders have gathered to set a new global climate funding goal, replacing the current target of $100 billion annually provided by developed countries to support developing nations.
This year’s conference focuses on critical issues such as the global carbon trading market and accelerating the transition from fossil fuels to renewable energy.
“COP29 is a moment of truth for the Paris Agreement, the unmissable moment to chart a new path forward for everyone,” said Mukhtar Babayev, the COP29 president-designate and Azerbaijan’s Minister for Ecology and Natural Resources. “We must now demonstrate that we are prepared to meet the goals we have set ourselves.”
Simon Stiell, Executive Secretary of the UNFCCC, emphasized the importance of climate finance. “Here in Baku, we must agree on a new global climate finance goal. If at least two-thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price,” he said. “Let’s dispense with the idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every nation.”
China’s delegation, led by Vice Minister of Ecology and Environment Zhao Yingmin, highlighted the country’s commitment to green transformation. “China has been actively pushing for an all-around green transformation,” Zhao said at a China Pavilion meeting on the sidelines of COP29. “We are advancing our carbon peaking and carbon neutrality goals steadily. China has built the world’s largest clean energy system and a carbon emissions trading market covering the largest amount of greenhouse gas emissions.”
China continues to lead in renewable energy employment, with an estimated 7.4 million people working in the sector in 2023, representing 46% of the global total. This reflects a 32% increase over 2022, according to a report by the International Renewable Energy Agency and the International Labour Organization released in October 2024.
On November 5, 2024, the seventh Hongqiao International Economic Forum held a session on “Sustainable Development of the Global South and China-Africa Cooperation” in Shanghai. Experts discussed evolving economic development models for sustainable growth and shared experiences in promoting sustainable development in Africa. They emphasized that China-Africa cooperation has become a model for South-South collaboration and that China will continue to play a guiding role in emerging fields like the digital economy and green transformation.
Reference(s):
cgtn.com
