Climate specialists and the world community are looking forward to an extensive global meeting that Baku, Azerbaijan is scheduled to host in November 2024. This event is a component of the annual Conference of the Parties (COP) under the U.N. Framework Convention on Climate Change, and it is the largest event that Azerbaijan has ever held. It is also significant for Central Asia and the South Caucasus regions.
The summit, also known as COP29, is anticipated to be an important event when world leaders, public servants, scientists, nongovernmental organizations and other stakeholders come together to debate and negotiate on various climate change-related topics. The Paris Agreement's requirement that global warming be kept at 1.5 degrees Celsius (2.8 degrees Fahrenheit) over preindustrial levels is one of the main topics on the COP agenda. This entails a large cutback in carbon dioxide emissions, with a target of 43% less emissions by 2030 than in 2019. It should be noted that the COP28 conference, which took place in Dubai last year, emphasized the need to move away from fossil fuels and the crucial objective of significantly cutting emissions to attain the 1.5-degree target. While the wording from the global stocktake did not specifically call for the phase-out of fossil fuels, it did imply that significant emission reductions are imperative right away.
The work and responsibility required to combat climate change are far greater than is often perceived. Achieving the critical target of keeping global warming to 1.5 degrees Celsius over pre-industrial levels will require significant reductions in emissions, as well as radical adjustments to consumer behavior, investment and corporate strategies. While developing nations need sufficient funding to make the transition to sustainable energy systems, major fossil fuel businesses need incentives to change to sustainable practices. Governments also need to protect the environment before protecting investor rights. In addition, it will cost an estimated $8 trillion to invest in energy efficiency and renewable energy to meet the 1.5 degrees Celsius target. By 2050, the amount of fossil fuels traded will have decreased by 80% from 2020 levels.
One major obstacle that still exists is the impact of fossil fuel lobbying, which spends over $500 million a year in the U.S. to block policies that reduce carbon emissions. With networking and idea sharing encouraged, the 2024 U.N. Climate Change Conference (COP29) offers a chance for countries to agree to fresh commitments and practical measures to address the climate catastrophe. It also seeks to fulfill the goals of the Paris Agreement and quicken climate action. In particular, developing nations must rely on financial and other forms of assistance to lessen the effects of climate change and lower global carbon emissions. The summit may probably include talk about rich countries giving developing countries financial aid to help them adapt to and lessen the effects of climate change.
Azerbaijan has demonstrated its ability as a global venue by hosting several major events that have been successful in recent years. The International Astronautical Congress, the first European Olympic Games, several international sports contests and the Eurovision Song Contest are among the notable efforts. In addition, Azerbaijan organized esteemed conferences in Baku during its four years as president of the Non-Aligned Movement, the second-largest international body after the U.N. But in terms of scope and significance, the next COP29 climate meeting eclipses all earlier gatherings. Anticipated to attract a significant number of attendees, the summit in Baku is expected to turn the city into the world's center of attention for a fortnight, showcasing Azerbaijan's rich tradition of multilateral diplomacy.
In line with the strategic priorities outlined in the presidential order, "Azerbaijan 2030: National Priorities for Socio-Economic Development," Azerbaijan is actively pushing forward with its renewable energy efforts. The emphasis on green growth and clean environments in this directive has resulted in important advancements in renewable energy initiatives. Important turning points include collaborations and agreements to build large-scale wind and solar power projects with leading global energy firms, including Masdar, ACWA Power and Fortescue Future Industries (FFI). To reach a 30% renewable share in power generation by 2030, these projects aim to significantly increase Azerbaijan's capability to produce renewable energy.
Azerbaijan has pledged to cut its greenhouse gas emissions significantly, with a target of 35% by 2030 and 40% by 2050 when compared to 1990 levels. Significant expenditures of over $1 billion have also been made in the nation's push toward renewable energy, positioning it as a regional leader in the development of green energy.
As part of its ambitious plans, Azerbaijan also plans to export green energy to the European continent to meet the green energy requirements and deepen its integration into the world's energy markets. Azerbaijan's shift from an oil-and-gas economy to a leader in renewable energy production is highlighted by its strategic orientation, which aims to leverage the country's enormous technical potential in wind and solar power.
In addition, the government of Azerbaijan intends to prioritize ongoing development and reconstruction efforts by converting the liberated territories of East Zangezur and Karabakh into "Net-Zero Emission" zones. Nearly every kind of renewable energy source, including hydro, solar, wind and geothermal energy, is present in the liberated lands of Azerbaijan. Green energy zones have been declared in the Nakhchivan Autonomous Republic and liberated East Zangezur, Karabakh regions.
In conclusion, the COP29 conference in Baku in 2024 will mark a turning point in the global climate movement since it will establish ambitious goals for reducing emissions and promoting climate adaptation. The results of this summit might have a big impact on how the globe responds to climate change as leaders from all around the world come together to discuss these pressing challenges. The objective of COP29 is to set the future course for the worldwide battle against climate change in addition to meeting current climate targets, which will be achieved through promoting international cooperation and concentrating on sustainable environmental solutions ideas spreading from Baku.
