COP29 UN Climate Summit | Climate Finance | Azerbaijan | To The Point | Drishti IAS English #Finance

hello everyone welcome to another episode of to the point today’s topic of discussion is cop 29 un climate Summit first of all let’s see why is it in the news the 29th Conference of the parties to the UN framework convention on climate change is set to take place from 11th

November to 22nd November 2024 in Baku AAR Bean it has been dubbed the climate Finance cop for its Central goal to agree on how much money should go each year to helping developing countries

cope with climate related cost now let’s discuss about the top agendas of cop 29 climate Finance the key agenda is the new Collective Quantified goal setting a new climate financing

Target after the current1 billion pledge ends wealthy Nations struggle to meet this goal leading to mistrust among climate vulnerable countries fossil fuel transition cop 29 follows cop 28’s agreement to transition away from fossil fuels yet Global fossil fuel use continues to rise while

stronger commitments on fossil fuel reduction may be elusive countries will assess progress on preing renewable energy capacity carbon Market rules governments aim to establish rules for trading carbon Credits derived from natural carbon syns key issues include transparency

eValuation standards and the conditions for revoking Credits adaptation and loss of damage funding countries will review adaptation strategies for climate impacts and seek to finalize guidelines additionally climate vulnerable Nations will urge wealthier countries

to contribute more to the fund for responding to loss and damage which has thus far mobilized about $660 million now let’s discuss what is the new Collective Quantified goal the new Collective Quantified goal or NC qg is a key element of the Paris agreement which was adopted in 2015 to

strengthen the global response to the threat of climate change specifically the NC qg aims to set a new Financial Target for supporting developing countries in their climate actions the NC qg is currently under negotiation and is expected to be finalized by 2025 now why new Collective qu Quantified

goal matters addressing climate Finance gaps fulfilling the Emerging Markets

promise enhancing Global Climate action catalyzing private sector investment and encouraging accountability and transparency now moving on to role of India at cop 29 India has emphasized that developed Nations need to provide at least $1 trillion annually for climate

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance as stated in the G20 New Delhi declaration India delegation to cop 29 will be in full strength to negotiate on key issues such as climate

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance carbon Markets and mitigation India is taking the lead with many states and stakeholders actively participating

in cop 29 Assam in particular has joined the global race to resilience initiative working to strengthen vulnerable communities through the chief Minister’s climate resilient Village Fellowship now is the time for practice question consider the following statements about cop 29 One Cop 29 to

the UN framework convention on climate change is set to take place in Baku azerbajan to the state of odisha participating in cop 29 has joined the global race to resilience initiative which of the statements given above are correct one only two only both one and two or neither one nor two send the

answer of this question in the comment section thanks for watching for more informative content like share and subscribe and do not forget to press the Bell icon to get the notifications