Abu Dhabi, United Arab Emirates, 19 September 2024 – The International Renewable Energy Agency (IRENA), COP29 Presidency and Ministry of Energy of Azerbaijan announced today that the first Energy Transition Investment Forum for Central Asia will be hosted in Baku, Azerbaijan, on 15-16 November Contact online >>
Abu Dhabi, United Arab Emirates, 19 September 2024 – The International Renewable Energy Agency (IRENA), COP29 Presidency and Ministry of Energy of Azerbaijan announced today that the first Energy Transition Investment Forum for Central Asia will be hosted in Baku, Azerbaijan, on 15-16 November 2024.
The event is strategically aligned with the COP29 priorities and action agenda outlined by President Designate H.E. Mukhtar Babayev in a recent letter to parties and constituents, focusing on enhancing ambition and enabling action, with climate finance underscored as a top priority.
IRENA Director-General Francesco La Camera said: "Central Asia holds tremendous potential for renewable energy development, yet they face significant challenges in attracting the necessary investment. The COP29 Energy Transition Investment Forum in Baku is specifically designed to tackle investment barriers, coordinate action among stakeholders, and bring global exposure to projects from the region.”
The two-day forum will offer a platform for enhanced dialogue among governments, financial institutions, investors, development partners, project developers, and other key stakeholders regarding opportunities and challenges in advancing renewable energy development and scaling up investments in energy transition-related technologies to advance the UAE Consensus Outcomes achieved at COP 28. It will also feature opportunities for bilateral sessions and an exhibition area showcasing renewable energy projects from the region to global investors and stakeholders.
IRENA invites project developers from Central Asia to submit their renewable energy and energy transition projects for potential matchmaking with investors and financiers at the Investment Forum. Selected projects may also qualify for consideration by the Climate Investment Platform (CIP) and IRENA’s Energy Transition Accelerator Financing (ETAF).
The annual meeting is a chance for world leaders, as well as scientists, activists and corporate executives, to hash out plans to rein in global warming, and to prepare communities for threats they already face from rising temperatures. But Donald Trump''s return to the presidency in the United States, the biggest historical contributor of greenhouse gas pollution heating the planet, raises questions about whether the country will continue working on global climate initiatives.
At the end of last year''s conference in Dubai, negotiators struck a breakthrough agreement for countries to transition away from fossil fuels, the chief source of heat-trapping pollution. But Trump has promised to boost U.S. fossil-fuel production. And even before Trump reclaimed the White House, the United Nations warned that efforts to curb climate pollution are far off track. Global emissions rose to a new record in 2023, and scientists in the European Union say it''s "virtually certain" that 2024 will be the hottest year on record.
Against that backdrop, money will be a focus of the UN climate summit in Azerbaijan, known as COP29. The world needs to spend huge sums to overhaul entire economies that still mostly run on fossil fuels, and to deal with risks countries face from extreme weather. The needs are especially urgent in developing nations, which bear little responsibility for global warming but already face crushing losses as the climate changes.
Yet, nowhere near enough is being spent — by governments, corporations or organizations like the World Bank and International Monetary Fund — even as climate scientists say the clock for averting the worst threats from global warming ticks down.
Cars are piled in the street with other debris in Valencia, Spain, after flash floods in October. Scientists with a group called World Weather Attribution said in a rapid analysis that the flooding was caused by intense rainfall that was 12% heavier and twice as likely due to climate change. David Ramos/Getty Images/Getty Images Europe hide caption
Nearly 200 countries signed a treaty in 1992 called the United Nations Framework Convention on Climate Change. The agreement aims to keep human-caused greenhouse gas pollution from interfering with the Earth''s climate. Countries meet every year to discuss how they''re doing. The talks are officially called the Conference of the Parties, or COP. Since this is the 29th Conference of the Parties, it''s called COP29.
It requires virtually every country to pledge how much planet-warming pollution they''ll cut and to update those plans every few years. The objective is to limit global warming to well below 2 degrees Celsius compared to temperatures in the late 1800s, and ideally, no more than 1.5 degrees Celsius in order to reduce the risks of escalating extreme weather disasters.
Donald Trump''s victory is a big deal at this summit. He has called climate change a "hoax." Trump has also suggested he will withdraw the U.S. from the Paris agreement, like he did during his first term.
"President-elect Trump has made very clear that he won''t wait six months to pull out of the Paris agreement like he did in his last term," says Alden Meyer, senior associate at climate change think tank E3G. "He will pull out on day one."
Countries are due to submit new pledges to reduce emissions early next year, which are supposed to be more ambitious than their last ones. But first, they need to come up with a new plan to help developing nations move off fossil fuels and deal with the impacts of global warming. That''s at the top of the agenda this year.
Children flee floodwaters that wreaked havoc in Kenya in April. The impact of the calamitous rains that struck East Africa from March to May was intensified by a mix of climate change and rapid growth of urban areas, an international team of climate scientists said in a study. Andre Kasuku/AP/AP hide caption
Industrialized countries like the United States built their wealth producing and using fossil fuels — and that''s driven most of the planetary warming so far. Developing nations, on the other hand, have contributed far less pollution. But they''re suffering disproportionate harm because of their smaller economies and geographic locations.
So in 2009, industrialized countries set a goal to give developing nations $100 billion a year by 2020 to help them deal with climate change. In 2015, countries extended the pledge to 2025. They also said they''d set a new goal that reflects the "needs and priorities of developing countries" before the old one expires. That''s the new target to be negotiated at COP29.
The problem is wealthy countries were slow to deliver. In 2022, they finally made good on their promise, providing developing nations with a record $115.9 billion in financing to cut climate pollution and adapt to rising temperatures.
That leaves developing nations in a bind. They need help, but whatever money is pledged will almost certainly be a fraction of what is needed. And they''ll be relying on wealthy neighbors that have been unreliable.
"I think for me, success is when the money is actually delivered," says Vijaya Ramachandran, director for energy and development at The Breakthrough Institute. "What we really want to see is an increase in resources to poor countries that will actually enable them to tackle climate change. Instead, what we are seeing are these pronouncements."
There''s also debate around a new "loss and damage" fund that was created last year to compensate vulnerable countries for harms they''re already suffering from climate change. While some countries have made pledges, payments have yet to be sent out as countries debate how the fund will be administered.
About Renewable energy storage baku
As the photovoltaic (PV) industry continues to evolve, advancements in Renewable energy storage baku have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Renewable energy storage baku for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Renewable energy storage baku featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
