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COP29: Boosting cooperation and accelerating climate action

Nov 11, 2024
The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) will take place in Baku, Azerbaijan from November 11-22, attracting around 80,000 delegates.

 

 

What is the main goal of COP 29?
COP 29 is expected to be a major climate event, aiming to foster global consensus on increasing financial support for developing countries to address climate change, enhance transparency, and set ambitious climate targets. The summit seeks to unite nations to accelerate the implementation of the Paris Agreement and tackle the escalating impacts of climate change caused by rising greenhouse gas emissions.
 
The main slogans of the COP29 Conference are: "United for a Green World" and "Raising Ambition, Catalyzing Action."
Key Focus Areas of COP 29
The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) will focus on comprehensive solutions to address climate change. Key areas of discussion include:
  • Adaptation to Climate Change: COP29 is expected to continue discussions on implementing the Global Goal on Adaptation (GGA) adopted at COP28, promoting the implementation of National Adaptation Plans (NAPs), enhancing support for vulnerable countries, and finalizing the rules for the Loss and Damage Fund.
  • Reducing Greenhouse Gas Emissions: COP29 will continue to push parties to significantly reduce greenhouse gas emissions and achieve net-zero emissions by mid-century. It will also strengthen emission reduction commitments, promote energy transition, finalize carbon market regulations, and develop and implement Nationally Determined Contributions (NDCs) for the 2025-2035 period (NDC 3.0)
  • Carbon Credit Trading Mechanisms: COP29 will continue to finalize the rules and detailed guidelines for countries to implement carbon credit trading mechanisms under Article 6 of the Paris Agreement.
  • Climate Finance: The conference will focus on mobilizing and allocating adequate and transparent finance to support developing countries in adapting to climate change and transitioning to a green economy. The $100 billion per year goal will continue to be discussed and explored for new solutions.
  • Implementation of the First Global Stocktake: COP29 will promote the implementation of commitments made, enhance ambition to reduce emissions, and address the technology gap in developing countries.
  • Technology Transfer: The transfer of clean technology and innovation will be a key pillar to support developing countries in transitioning to a green economy.
Vietnam at COP29 - Emphasizing shared responsibility and promoting strong action
According to the Environmental Resources Newspaper, the Vietnamese delegation participating in COP29 includes representatives from the Ministries of Natural Resources and Environment, Industry and Trade, Transport, Agriculture and Rural Development, Planning and Investment, Finance, Science and Technology, Foreign Affairs, as well as members of the Vietnamese negotiating team on climate change. Representatives from various agencies, localities, banks, and enterprises that are implementing Vietnam's commitments at COP26 are also participating.
At the forum, Vietnam strongly affirmed its support for developed countries in fulfilling their financial commitments, while also calling for increased transparency in fund management. Additionally, Vietnam highlighted the importance of balancing investments between climate change adaptation and mitigation activities.
In the context of a series of natural disasters increasing across continents, COP29 is expected to usher in a new era of stronger and more synchronized global action. COP29 will be a significant milestone on the path to a sustainable future. The success of the conference will not only impact the current generation but also affect many generations to come. Therefore, we need to join hands and act now to protect our planet.

 

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Tags: Net ZeroESG