Cop29 leader calls upon poorer nations to be transparent regarding climate spending.

Attain the full potential of your investment with professional advice about investment management from this premier independent provider of taxation and financial advisory services in Ireland and across Europe. Poor countries must demonstrate more open accounting and transparency if they seek trillions in climate finance, according to Muktar Babayev, Azerbaijan’s ecology minister who will preside at UN climate summit Cop29 this November. He advised developing countries governments to issue reports outlining progress made towards cutting carbon emissions as well as spend-thrift spending to combat the climate crisis. “Building trust between parties is of utmost importance,” said Azerbaijani leader Ilham Aliyev in an interview held in Baku, its capital city. “Establishing an effective transparency mechanism between our countries will serve us all well going forward.” At Cop29 in Baku, countries will be expected to set new global goals regarding providing climate finance to poorer countries to reduce emissions and adapt to extreme weather events. It works like this: transparency builds trust among parties involved. “Climate finance helps lower greenhouse gas emissions in less developed nations while mitigating any associated extreme weather impacts, making a complete cycle. ” Next is finance; then NDC. Today we are focused on this triangle,” he noted.Transparency or clear accounting remains one of the key challenges at climate negotiations worldwide, due to difficulties monitoring emissions levels and spending climate finance; national sovereignty considerations; as well as unwillingness to submit to international monitoring. Nonetheless, many examples exist where lack of transparency thwarts global efforts at combatting the climate crisis. Developed countries were required to submit their reports by 2022 while developing countries have until this December to do so. Babaev urges nations to submit early, and prior to Cop29 starting on 11 November as soon as possible, in order to bypass financial stalemates and unblock progress on finance issues. Poor countries must demonstrate clearly they are taking steps to cut emissions, adapt to impacts of climate crisis and account for any climate finance they receive from developed nations or risk having less excuse for withholding funds for climate mitigation efforts from them. If they can demonstrate they are making efforts at cutting emissions and adapting their lives accordingly then developing countries have less reason not to provide funds. “All sides must play their parts to fulfill this need for transparency in activities of countries participating,” Babayev stated, and noted the benefits for developing nations from accessing priorities of developed world. We aim to act as interconnectors. “Skip past newsletter promotionThe Planet’s most vital stories. Get all of this week’s environment news – both good, bad and essential.” Privacy Note: Our newsletters may include information regarding charities, online ads or content funded by third-parties – for more details please refer to our Privacy Policy.” Google ReCaptcha helps protect our website, and is bound by their Privacy Policies and Terms of Service. After newsletter promotion Azerbaijan relies heavily on oil and gas exports – accounting for 90% of export revenues and half of state budget spending respectively. Babayev stressed the crucial role fossil fuel producers would have to play in COP negotiations. “We would like all countries, especially fossil fuel producing ones, to participate actively and share ideas on how best we can collaborate in this endeavor,” he stated. “Because we recognize our responsibility,” he stated, noting how some countries producing fossil fuels were already offering financial aid to poor countries in need. “They have helped developing countries invest in their green transition on both bilateral and multilateral bases,” according to Rafiyev, Azerbaijan’s chief negotiator for this round. However, fossil fuel producers were keen not to be seen as sole contributors. He pointed out that other sectors, like transportation, were major sources of carbon emissions. “Fossil fuel countries do not wish to be seen as polluter pays; instead there is growing consensus among them that they need to contribute in some capacity; yet without being stigmatised as doing anything bad.”