Japan has pledged to allocate $70 billion in public and private support for climate initiatives in developing countries in the period up to 2025, Japanchr("39")s Environment Minister Keiichiro Asao said in his national statement at the COP29 summit in Baku, Olaylar reports.
"To achieve the goal of keeping global warming within 1.5 °C, it is necessary to create a framework in which the international community acts together. Especially important is the contribution of countries with appropriate capabilities and mobilization of private finance," Keiichiro Asao noted.
The minister emphasized the need for economically broad targets to reduce greenhouse gas emissions and called on major economies to set absolute reduction targets.
According to him, Japan, for its part, continues to implement its commitments to reduce emissions under the current Nationally Determined Contribution (NDC) and achieve carbon neutrality by 2050. A new ambitious NDC, consistent with the 1.5°C target, will be unveiled in February next year.
In addition, he highlighted the importance of implementing Article 6 of the Paris Agreement, which regulates high-quality carbon markets and incentivizes private financing for decarbonization technologies.
"Japan will promote global decarbonization through the Joint Crediting Mechanism (JCM) and continue to promote international efforts for the successful completion of COP29," the minister concluded.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest-level event - the summit of world leaders on climate action - was held on November 12-13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 Presidency has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for "Conference of Parties" and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
