Global leaders draft ambitious climate finance deal ahead of COP29

As the countdown to COP29 continues, the Azerbaijani presidency is pushing for a balanced outcome that not only delivers on finance but also reinforces commitments made under the Paris Agreement. (COP29)
As the countdown to COP29 continues, the Azerbaijani presidency is pushing for a balanced outcome that not only delivers on finance but also reinforces commitments made under the Paris Agreement. (COP29)
Short Url
Updated 03 November 2024
Follow

Global leaders draft ambitious climate finance deal ahead of COP29

As the countdown to COP29 continues, the Azerbaijani presidency is pushing for a balanced outcome.
  • A draft negotiating text will be published “imminently,” following a series of high-level meetings in Baku last week
  • It outlines a plan that could mobilize trillions of dollars in support for developing nations

RIYADH: Global leaders are drafting an ambitious climate finance deal to be finalized at the 29th Conference of the Parties, or COP29, as Azerbaijan’s presidency leads efforts to resolve critical gaps ahead of the November summit.

A draft negotiating text will be published “imminently,” following a series of high-level meetings in Baku last week, according to the COP29 presidency team.

It outlines a plan that could mobilize trillions of dollars in support for developing nations.

Central to the talks was the New Collective Quantified Goal, or NCQG, on climate finance, which aims to replace the existing $100 billion pledge that has long been deemed insufficient.

Azerbaijan’s Lead Negotiator Yalchin Rafiyev acknowledged the magnitude of the challenge, stating in a release that the funding needed to address climate change was “in the space of trillions” of dollars.

However, negotiations are steering towards a more realistic expectation of public sector contributions, which are likely to reach “hundreds of billions” annually.

The NCQG is critical in ensuring developing nations, particularly small island developing states and the least developed countries, receive the support they need to build resilience and reduce emissions.

President Ilham Aliyev of Azerbaijan, addressing participants at the pre-COP conference, urged global leaders to move beyond blame and focus on collective action.

“As we are entering into the final stage of preparations for COP29, I call on you to engage constructively and in good faith for the sake of humanity,” Aliyev said.

“While states have common but differentiated responsibilities, they should put aside disagreements, stop blaming each other, and find common ground.

“We cannot afford to waste time on defining who is guilty for global warming, or who caused more environmental harm.”

These remarks reflect the urgency felt ahead of COP29, especially in light of the Paris Agreement’s goal to limit global temperature rise to 1.5 degrees Celsius.

COP events have served as critical platforms for advancing this agenda since 2015, but the most recent Global Stocktake at COP28 revealed that the world is not on track to meet its targets.

Azerbaijan’s COP29 President-Designate, Mukhtar Babayev, highlighted the importance of addressing unresolved issues before November.

“We have done well to narrow down options, and the possible shapes of landing zones are coming into view. But we can clearly see the divides that the parties still need to bridge,” Babayev said.

He said that ministers must return to their capitals to secure the political mandates needed to push the negotiations forward.

“There is no excuse for anyone to arrive at COP29 without clear political support to make progress, as we urgently work to turn this draft into a deal,” he said.

The talks in Baku also explored the qualitative aspects of the NCQG, such as transparency, accessibility and accountability.

These elements are seen as vital to building trust among nations and ensuring the effective use of funds.

The pre-COP conference marked a crucial step in preparing a draft negotiating text for the new finance goal, which is expected to be published in the coming days.

This draft will set the stage for final negotiations at COP29, where a comprehensive climate finance package is anticipated.

In addition to finance, the discussions addressed broader initiatives such as climate transparency and energy resilience.

A new report, co-authored with the International Renewable Energy Agency, or IRENA, and other partners, was launched during the conference.

It tracks progress on energy goals set at COP28, particularly in relation to energy storage, with the COP29 Global Energy Storage and Grids Pledge aiming to boost installed capacity to 1,500 GW by 2030 — six times the level recorded in 2022.

As the countdown to COP29 continues, the Azerbaijani presidency is pushing for a balanced outcome that not only delivers on finance but also reinforces the commitments made under the Paris Agreement.


King Abdulaziz University hosts National Development Fund’s governor at panel discussion

King Abdulaziz University hosts National Development Fund’s governor at panel discussion
Updated 1 min 54 sec ago
Follow

King Abdulaziz University hosts National Development Fund’s governor at panel discussion

King Abdulaziz University hosts National Development Fund’s governor at panel discussion
  • Stephen Groff looks at achieving aims of Saudi Vision 2030

RIYADH: King Abdulaziz University hosted Stephen Groff, the National Development Fund’s governor, in a panel discussion at the Academic Dialogue Table organized by the Faculty of Economics and Administration.

Groff discussed the role of the NDF and the broader development ecosystem in achieving Saudi Vision 2030, in an event also attended by Dr. Tareef Al-Aama, the university’s president.

King Abdulaziz University hosts NDF Governor at “Academic Dialogue Table”. (Supplied)

Groff said that the fund aimed to enhance developmental impact and improve productivity, highlighting the key strategic priorities and ongoing initiatives being provided to entities under the fund’s umbrella, such as economic diversification and growth stimulation.

He added that the NDF contributed to creating sustainable job opportunities as well as supporting small and medium-sized enterprises and entrepreneurship.

FASTFACT

Groff stressed that one of the fund’s core missions was to develop infrastructure by financing large-scale project.

Groff stressed that one of the fund’s core missions was to develop infrastructure by financing large-scale projects in sectors such as transportation, housing, and public utilities through its affiliated entities, including the recently established National Infrastructure Fund.

He explained that the primary mission of the fund, as a development finance institution, was to empower development funds and banks to achieve their sector-specific objectives, beneficiary goals, and activity targets, while focusing on specific areas and ensuring the financial sustainability of development finance entities in the future.

He concluded by stressing the critical role of the fund in reviewing and evaluating the impact of every program, project, or initiative aimed at addressing developmental needs, economic priorities, challenges, and available opportunities.

 


GCC secretary general meets Lebanese president

Joseph Aoun (R) receives Jasem Albudaiwi at the Presidential Palace in Beirut. (Supplied)
Joseph Aoun (R) receives Jasem Albudaiwi at the Presidential Palace in Beirut. (Supplied)
Updated 34 sec ago
Follow

GCC secretary general meets Lebanese president

Joseph Aoun (R) receives Jasem Albudaiwi at the Presidential Palace in Beirut. (Supplied)
  • Albudaiwi wished the president success in his efforts to uplift the Lebanese people and fulfill their aspirations

BEIRUT: Secretary-General of the Gulf Cooperation Council Jasem Albudaiwi met with President of Lebanon Joseph Aoun at the Presidential Palace in Baabda, Beirut on Friday.

Albudaiwi wished the president success in his efforts to uplift the Lebanese people and fulfill their aspirations, the General Secretariat wrote in a report.

He added that the meeting reaffirmed the GCC’s unwavering support for Lebanon, stressing its commitment to bolstering Lebanon’s security and stability and contributing to the sustainable development and prosperity of the Lebanese people.

 

 


‘Nusuk’ celebrates big win at 2024 World Summit Awards

‘Nusuk’ celebrates big win at 2024 World Summit Awards
Updated 40 sec ago
Follow

‘Nusuk’ celebrates big win at 2024 World Summit Awards

‘Nusuk’ celebrates big win at 2024 World Summit Awards
  • Launched in 2003 and with more than 186 countries participating, the prestigious WSAs are held biennially and recognize impactful digital initiatives

RIYADH: The Saudi Ministry of Hajj and Umrah is the sole Saudi participant to win a 2024 World Summit Award in the Culture and Heritage category, thanks to its “Nusuk” platform.

The project competed against over 900 technical submissions from 160 countries.

Launched in 2003 and with more than 186 countries participating, the prestigious WSAs are held biennially and recognize impactful digital initiatives. They seek to bridge the global digital divide by honoring smart applications and creative online content. The WSAs are a key UN initiative, supported by the International Telecommunication Union.

The award reflects the Kingdom’s pioneering strategy in developing innovative technological solutions aimed at enhancing pilgrims’ experiences and highlighting cultural and heritage values.

FASTFACT

‘Nusuk’ is a suite of innovative technological solutions which facilitate the performance of pilgrimage rituals, address challenges and enhance operational efficiency.

It underlines the Saudi Ministry of Hajj and Umrah’s efforts to drive comprehensive digital transformation, in alignment with the goals of Saudi Vision 2030.

“Nusuk” is a suite of innovative technological solutions which facilitate the performance of pilgrimage rituals, address challenges and enhance operational efficiency.

It has already advanced significantly with the development of pioneering systems such as the Nusuk Card, Nusuk Masar and crowd management systems.

It also focuses on highlighting the Prophet’s biography and cultural landmarks in Makkah and Madinah, featuring more than 150 museums, monuments, restaurants, cafes and tourist destinations, among other notable sites that enrich the user’s experience.

Over 400 licensed guides are affiliated with the platform, offering customized excursions throughout the Kingdom to pilgrims.

The Ministry of Hajj and Umrah has said it is very proud of its achievement and reaffirmed its ongoing commitment to developing technological solutions that ensured the sustainability of the Hajj and Umrah sectors, facilitating easy access to smart services and ensuring a smooth and tranquil performance of the rituals.

 


Iftar portal opens in Grand Mosque

Iftar portal opens in Grand Mosque
Updated 45 sec ago
Follow

Iftar portal opens in Grand Mosque

Iftar portal opens in Grand Mosque
  • The service allows individuals to select one meal site and charitable organizations to apply for up to 10

MAKKAH: A dedicated portal to receive applications to provide iftar meal services inside the Grand Mosque during Ramadan has been launched by The General Authority for the Care of the Affairs of the Grand Mosque and the Prophet’s Mosque.

The service allows individuals to select one meal site and charitable organizations to apply for up to 10. It also requires the contracting of an authority-approved catering company and adherence to specified terms and conditions.

The authority has emphasized the need to provide low-calorie meals for individuals with chronic diseases and diabetes, making up 20 percent of individual meals and 30 percent of meals provided by charitable organizations.

Applications can be submitted through the authority’s website by visiting https://iam.alharamain.gov.sa/sso and selecting “iftar meal reservation system.”

Ramadan is expected to begin on the evening of either Feb.28 or March 1, depending on moon sighting in Saudi Arabia.

 


10 Saudi ministries, entities exhibiting at Cairo book fair

10 Saudi ministries, entities exhibiting at Cairo book fair
Updated 52 sec ago
Follow

10 Saudi ministries, entities exhibiting at Cairo book fair

10 Saudi ministries, entities exhibiting at Cairo book fair
  • Universities, libraries and several publishing bodies also represented
  • Delegation led by Literature, Publishing and Translation Commission

RIYADH: Ten Saudi Arabia government ministries, universities and other bodies are participating in the 56th Cairo International Book Fair 2025 to promote the nation’s culture and forge ties with Egypt and other countries.

Organized by the General Egyptian Book Organization, the exhibition that began on Thursday will conclude on Feb. 5.

The participants include the lead Kingdom exhibitor, the Literature, Publishing and Translation Commission. The Ministry of Islamic Affairs, Dawah and Guidance, King Salman Global Academy for Arabic Language, and the Saudi cultural attache in Egypt are also represented.

The opening ceremony was attended by Dr. Issam bin Saad bin Saeed, state minister and cabinet member for Shoura Council affairs, accompanied by Saudi Arabia’s ambassador to Egypt, Saleh bin Eid Al-Hosseini, and other officials. (SPA)

The other participants include the King Abdulaziz Public Library, King Fahd National Library, Princess Nourah bint Abdulrahman University, Prince Sattam University, University of Tabuk, University of Hafr Al-Batin, and the Publishing Association.

The opening ceremony was attended by Dr. Issam bin Saad bin Saeed, state minister and cabinet member for Shoura Council affairs, accompanied by Saudi Arabia’s ambassador to Egypt, Saleh bin Eid Al-Hosseini, and other officials.

During the event, Bin Saeed toured the booths of the nation’s participating entities to review their contributions, the Saudi Press Agency reported.

The participation of the commission aligns with the country's ongoing efforts to boost the Kingdom’s publishing houses and literary agencies.