COP 29 IN BAKU

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Renewable energy growth set at a global all-time high for 2024, the outgoing COP president announces.   Sultan Bin Ahmed Al-Jaber of the United Arab Emirates told today's opening session of COP 29 in Azerbaijan that fifty-five companies have joined the oil and gas de-carbonisation charter, committing zero percent to methane production in 2030.

Transcript

00:00It's the world's largest climate conference. Dr. Sultan Al-Jubeir ends his

00:06term as president of COP28. We meet at a time of complexity and conflict and

00:15against this backdrop allow me to say that we in the United Arab Emirates will

00:23always choose partnership over polarization, dialogue over division.

00:31Sultan Al-Jubeir's appointment has been viewed as controversial as the United

00:36Arab Emirates engineer businessman and politician is also chair of the Abu

00:41Dhabi National Oil Company, a company that pumps 2.7 million barrels of oil a

00:46day with plans to double that by 2027. At today's opening of COP29 he was

00:53happy to announce the world is set to break another record in renewable energy

00:58growth this year. 55 companies have now joined the oil and gas

01:06decarbonization charter committing to zero methane emissions by 2030 and net

01:13zero by or before 2050. This initiative is pragmatic, practical and focused on

01:23real results. With participants from China, India, Russia, the US, the EU and

01:34the Arabian Gulf, the OGDC now covers more than 44% of global production.

01:42He calls it the most meaningful private sector partnership on decarbonization to

01:48date. The gavel is being handed over to Mukhtar Babaev, the Minister of Ecology

01:53and Natural Resources of the Azerbaijan Republic. It gives me great pleasure to

01:59declare His Excellency Mukhtar Babaev elected president of the 29th session of

02:07the Conference of the Parties. Though progress of 853 million US dollars has

02:19been made on the loss and damage fund, it's no way what is needed as Babaev

02:25appeals to countries to invest today to protect tomorrow. Environmental program

02:30shows that current policies are leading us to three degrees of warming. These

02:37temperatures would be catastrophic for billions. They would threaten the

02:42existence of communities representatives in this room. He says leadership and

02:48action are what is needed. Colleagues, we are on the road to ruin, but these are

02:56not the future problems. Climate change is already here, from flooded homes in

03:03Spain to forest fires in Australia, from rising oceans in the Pacific to barren

03:10plains in East Africa. Whether you see them or not, people are suffering in the

03:16shadows. They are dying in the dark. The hundred billion dollar goal set nine

03:23years ago has by now expired. The COP 29 president says this year's priority is

03:28to agree to a fair and ambitious new collective quantifiable goal on climate

03:34finance. This must be effective and adequate to the scale and urgency of the

03:40problem. It must address the needs and priorities of developing countries. Focus,

03:47he says, will be placed on Article 6, which enables countries to cooperate to

03:51achieve their emission reduction targets by transferring their carbon

03:55credits to help other countries meet their reduction targets. Article 6 is a

04:01long overdue and will help ensure the protecting the planet base. By matching

04:08buyers and sellers efficiently, such markets could reduce the cost of

04:12implementing indices by 250 billion dollars a year. In a world where every

04:19dollar counts, that is essential. Babaev spoke of transitioning away from

04:25fossils in a just and orderly manner. In attacking the issue from every angle,

04:30attention will be paid to food waste as a contributor to emissions.

04:35Urvashi Tewari, Ruknaroyan TV 6 News.

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