Ahead of COP29 Climate Summit in Azerbaijan

We have been following climate summits for many years. We have also published the translation of the Paris Agreement. Moreover, we provide information and experiences to companies about what they should do in this regard.

1. Global Stocktake (COP28 - December 2023):

The Global Stocktake at COP28 assessed the progress made in the fight against climate change. Leaders emphasized that climate change is a global problem and that solutions must be based on the principles of integrity and inclusiveness. The Global Stocktake aimed to measure countries' efforts to curb global warming.

2. Loss and Damage Fund (COP27 and COP28):

Building on the consensus adopted at COP27, COP28 agreed to establish the Loss and Damage Fund. The Fund went down in history as a financial instrument that aims to compensate for damages caused by climate change. It was agreed that the fund would be at least 100 billion dollars annually by 2030 and that the World Bank would be the interim host. Developed countries will make voluntary contributions while developing countries will have direct access to the fund.

3. Moving Away from Fossil Fuels (COP28):

At COP28, a draft agreement calling for a transition away from fossil fuels was approved. However, "divestment" was used instead of "phase-out". The text emphasized accelerating actions to move away from fossil fuels fairly, orderly, and equitably and reach net zero by 2050. However, some countries reacted to the term, citing shortcomings.

4. Renewable Energy Targets:

At COP28, new commitments were renewed for an energy system transition that will make it possible to meet the goal of keeping global warming to 1.5 degrees Celsius. The Accelerating Global Decarbonization initiative was launched, which includes tripling global renewable energy capacity by 2030 and doubling progress in energy efficiency. However, some key countries have not signed up to this commitment.

5. Tackling Climate Change and Climate Finance:

One of the declarations signed at COP28 is a declaration on cooperation on global climate, biodiversity and land restoration. In addition, efforts were made to regulate global carbon markets and to price emissions by calling for "Let the polluter pay!". Climate finance was emphasized, with significant support for the Green Climate Fund, the Least Developed Countries Fund, the Special Climate Change Fund, and the Adaptation Fund. The World Bank and donors took important steps to increase financing with commitments to invest in climate-related projects.

6. Climate Change and Health

The "Guiding Principles on Financing Climate and Health Solutions" endorsed at COP28 were supported by more than 40 funding partners and civil society organizations. This highlights increased collaboration among funders and accelerated efforts to provide sustainable support to climate and health challenges.

The Declaration welcomed commitments from stakeholders ranging from governments to development banks, multilateral institutions, and charities to expand their investments in climate and health solutions. These organizations agreed to allocate $1 billion in a joint commitment to address the growing health needs of the climate crisis.

COP28 President Dr. Sultan Al Jaber said that climate change is a serious threat affecting everyone and that governments are beginning to include health as a core element of climate action. This declaration sends a strong message for increased joint efforts to reduce emissions and support health systems in all countries.

Towards results...

Turkey's responsibilities arising from the Paris Agreement and the Kyoto Protocol to which it is a party, as well as the steps it has taken in the context of its relations with the European Union, have been addressed. These steps include the 2050 target, the 2030 plan, the National Contribution Declaration, and the National

Emissions Trading System. In addition, the sectors and occupational groups that may be affected on the path to decarbonization are also mentioned and it becomes important to manage this transformation.

Turkey's green transformation approach centered on economy and energy, initiated out of necessity and social justice should be ensured and the benefits and damages of transformation should be distributed fairly. In this context, the 'polluter pays principle' recommended by the OECD and enshrined in environmental law should be implemented.

After that, at the UNCFF COP29 to be held in Baku, the capital of Azerbaijan, at the end of 2024 (11-22 November 2024), studies should be carried out within the framework of adaptation to climate change in Central Asia as an issue other than oil.


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