On Tuesday (13), the United Arab Emirates, Azerbaijan, and Brazil announced that they are coming together as a team, known as a “troika,” with the objective of preserving the objective of reducing global warming to 1.5 degrees Celsius. These three countries have hosted previous and upcoming UN climate talks.
Last year, Dubai was the venue for the COP28 conference, and this year Azerbaijan will be hosting the summit, followed by Brazil in 2025.
The Dubai agreement, signed by 198 parties, has assigned the UAE, Azerbaijan, and Brazil the responsibility to collaborate and develop a plan to restrict global warming to 1.5 degrees Celsius. The achievement of this crucial climate target is at risk due to the high levels of greenhouse gas emissions worldwide.
“In a statement, Sultan Al Jaber, the president of COP28, expressed that the Troika plays a crucial role in maintaining cooperation and consistency in order to stay focused on the goal of limiting global warming to 1.5 degrees Celsius, extending from Baku to Belem and beyond.”
As per the final agreement achieved during COP28, the troika collaboration is expected to greatly improve global cooperation and the overall supportive atmosphere to encourage more ambitious efforts in the upcoming cycle of each country’s self-determined contributions.
According to the agreement, the intention is to increase efforts and execution during this crucial period in order to achieve the 1.5C limit.
During COP28, global consensus was reached to “move away” from fossil fuels; however, no advancements were made in resolving the issue of financial support for developing nations, which remained a significant obstacle in the negotiation process.
In Baku, during the COP29 conference, the topic of financial assistance from developed nations for climate change will be a key focus. It is anticipated that a fresh goal will be established at this event.
As per the Organisation for Economic Co-operation and Development, affluent countries probably achieved their target of offering $100 billion in yearly climate funding to less developed nations in 2022, albeit with a delay of two years as initially pledged.
According to the United Nations’ high-level expert group on climate finance in 2022, it was stated that developing countries (excluding China) should allocate approximately $2.4 trillion annually towards clean energy and climate resilience by 2030. This amount is four times higher than the current levels of investment.
COP29 president-designate Mukhtar Babayev expressed his dedication to using our position as a mediator between developed and developing nations at COP29 to speed up actions towards achieving the 1.5 goal.
The vital part will be setting a new objective for climate finance that accurately acknowledges the magnitude and immediate action required for addressing the climate crisis.
