RIYADH: Dozens of world leaders gathered in Azerbaijan on Tuesday for COP29 as the UN Secretary-General issued a stark warning about the urgency of limiting global temperature increases.
Speaking at the event in Baku, Antonio Guterres emphasized that the world is in the 'final countdown' to restrict global temperature rise to 1.5 degrees Celsius. He also stated that 2024 is 'almost certain' to be the hottest year on record.
These remarks were made as key figures from various governments arrived for the summit, despite the absence of many top political leaders this year. Notable leaders such as US President Joe Biden, China's Xi Jinping, India's Narendra Modi, and French leader Emmanuel Macron are among those missing from the event.
The primary focus at COP29 is securing a crucial agreement to enhance funding for climate initiatives in developing nations.
President of Azerbaijan Ilham Aliyev announced that over 72,000 participants from more than 196 countries have registered for COP29. He welcomed everyone to Baku.
In a significant development, Saudi Arabia's Regional Voluntary Carbon Market Co. launched its voluntary carbon market exchange platform today, with 22 domestic and international companies participating on its first day of trading.
This launch marks a significant step towards Saudi Arabia's goal of becoming one of the largest voluntary carbon markets globally by 2030. The platform aims to increase the supply and demand of high-quality carbon credits, driving funding towards climate projects that need financial support and aiding the transition to global net-zero emissions.
Riham El-Gizy, CEO of RVCMC, highlighted during her speech in Baku that 'To accelerate global decarbonization, we must unlock financial flows to critical climate projects on a massive scale. High integrity voluntary carbon markets can bridge the climate finance gap this decade. However, institutional-grade infrastructure is essential to facilitate buyers and sellers in scaling up private sector participation and realizing the market's potential.'
RVCMC was established by the Public Investment Fund and Saudi Tadawul Group Holding Co. in October 2022. PIF holds an 80 percent stake, while Tadawul Group holds a 20 percent stake in the company.
Source link: https://www.arabnews.com
