COP29 should agree on new, ambitious and achievable goal for climate finance – EU Commissioner (Exclusive interview)

BAKU, Azerbaijan, June 26. COP29 should agree
on a new, ambitious and achievable goal for climate finance, EU
Commissioner for Climate Action Wopke Hoekstra, who recently
visited Azerbaijan, said in an exclusive interview with Trend.

“This mission was an important step on the road to COP29 and
meetings at technical and political levels will intensify in the
weeks and months ahead. We indeed have months to go before the COP,
but it is also coming very fast, and I wanted to discuss the
priorities, preparations, and ambitions for COP29 with the COP29
President-Designate H.E. Mukhtar Babayev, and other representatives
of the government. I also wanted to exchange with civil society, as
they are a pivotal part of the debate,” he said.

Hoekstra noted that at COP29, ministers and leaders must 1)
reaffirm their commitment to transition away from fossil fuels and
begin to demonstrate how they are taking steps to do so, 2) agree a
new, ambitious and achievable goal for climate finance that brings
confidence that the public and private resources will be there to
support this transition and 3) launch an international carbon
market under the Paris agreement with rules that deliver
environmental integrity, transparency and accountability.

“The COP will also be milestone for the delivery of Parties
first transparency reports and a moment to check that we are all in
the process of design our next round of emissions reduction targets
that will put us on a pathway to net zero by mid-century,” said the
commissioner.

Hoekstra went on to add that Azerbaijan’s own climate ambitions
were also part of the focus of the visit, more specifically how
Azerbaijan plans to fast-forward its own climate targets.

“During the meetings, we also exchanged on the possible COP29
Action Agenda initiatives on renewables, hydrogen, methane,
storage, and grids. It was also very important for me to meet with
Minister of Foreign Affairs Bayramov. The cooperation on climate
and COP29 is part of a broader dialogue with Azerbaijan, in which
we also discussed human rights, civil society inclusion and the
peace process,” he added.

Hoekstra said that the European Commission continues the
dialogue with all international partners throughout the year to
achieve a successful outcome of COP29.

He noted that international cooperation in the field of climate
is essential.

“Climate change knows no border and is an urgent crisis. To
combat climate change efficiently, we need to think globally. In
this context, COPs are moments where the whole international
community meets and agrees on the future of climate policy. While
the COPs get a lot of public and media attention, the process never
stops.

From the EU, we consider international cooperation crucial.
First, we want to provide a good example through our own ambition –
we have put in place legislation to reduce emissions by 55% until
2030 and we have set a binding climate neutrality target for 2050.
We have gathered extensive experience for example on pricing carbon
and are keen to share our lessons learnt with other. The EU is also
the biggest donor of climate finance – EUR 28.5 billion in 2022 –
and we foster bilateral green alliances and just energy transition
partnerships with individual partners,” the Commissioner
explained.

Hoekstra went on to add that the most important will be to lead
by example and stand ready to negotiate with all parties to achieve
the objectives.

“We continue the dialogue with all international partners
throughout the year to achieve a successful outcome. For example, I
have been to the Copenhagen Ministerial, I’m now in Baku and I am
having frequent discussions with many EU and non-EU countries,
international organizations to make COP29 a success. At technical
level, the work is also constant. The teams in the Commission are
working relentlessly to advance the negotiations. They just spent
two weeks in Bonn, for instance. All voices need to be heard.
Climate action is to be a global responsibility, and climate change
is a threat that we all face. At COP28, we managed to build bridges
and make coalitions with friends from all over the world. We need
to foster a similar environment to make sure no one is left
behind,” he said.

The Commissioner noted that the EU and Azerbaijan have a very
important strategic energy partnership.

“Actions on methane and renewables are progressing very well as
well. Azerbaijan has joined the Global Methane Pledge in February
2024 and its national oil and gas company SOCAR is about to join
the Oil & Gas Methane Partnership 2.0. However, as Azerbaijan is
gearing up towards COP29, I was happy to learn during my visit that
the country will enhance its overall level of domestic climate
ambition. As COP President it sets an example for the other
countries in the region and globally,” he said.

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