By Wu Siya

 

BAKU, Nov. 12 (China Economic Net) –The 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), or COP29, kicked off in Azerbaijan's capital city of Baku on November 11.

 

The core of this year’s conference is that all parties will negotiate on a new climate change funding goal to replace the existing collective target of mobilizing and providing USD 100 billion annually by developed countries in support of developing countries.

 

Nationally Determined Contributions, or NDCs, are national climate action plans by each country under the Paris Agreement, and are submitted every five years to the United Nations.

 

The UAE recently took the lead in updating its NDCs by announcing its targets the day after the US presidential election, pledging to reduce greenhouse gas emissions by 47% from 2019 levels by 2035, an improvement over the previous target of 40%.

 

Through a renewed vision, the UAE focused on driving global climate action and advancing initiatives that ensure no nation is left behind, particularly vulnerable communities in the Global South.

 

Brazil followed closely behind. As the host of COP30, Brazil became the second country to update its NDCs, with the goal of reducing the country’s net greenhouse gas emissions by 59%-67% from 2005 levels by 2035.

 

The UAE’s national pavilion at COP29, titled Accelerating Action Together, will serve as a hub for dialogue, collaboration, and solution-building throughout the two-week conference.

 

The UAE plans to invest more than USD 163 billion in the clean and renewable energy in the coming years to achieve its goal of net zero emissions by 2050, and has pledged to triple its renewable energy capacity by 2030. 

 

"As the international community turns its eyes to COP29, assessing the progress we have made on these goals, and the gaps that still need to be filled, will be key to this year’s discussions. The UAE Consensus must continue to serve as our guide as the overarching framework for achieving our shared ambitions, driving transformative climate action, and building a more equitable and just future for all," noted H.E. Abdulla Al Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability Affairs.

 

In recent years, as the global climate crisis has become increasingly severe, China and Middle Eastern countries have accelerated the respective energy transformations, while vigorously promoting bilateral and multilateral cooperation in the fields of clean and renewable energy. Martin Tricaud, chairman of First Abu Dhabi Bank, emphasized that China’s dual carbon goals are highly consistent with the UAE’s goal of achieving carbon neutrality by 2050. As early as 2021, FAB has issued the first RMB green bond in the Middle East and North Africa.