MercoPress. South Atlantic News Agency

Brazil has its own space at COP29 in Baku, Azerbaijan

This year's COP29 will be focused on funding to tackle climate change

As the Conference of Parties 29 (COP29) opened in Baku, Azerbaijan, this week, Brazil assumed a leading position at the event by opening its Pathways to Ecological Transformation space to discuss the South American country's initiatives to tackle climate change, Agencia Brasil reported.

“We have the largest rainforest in the world, we have the cleanest electricity in the world - 85% is hydro, solar, electricity, biomass - we have biodiesel, the best in the world - it used to be 10% [percentage mixed with gasoline], President Lula raised it to 12%, 14% and next year it will go to 15%, as well as the law on the fuel of the future,” said Vice President Geraldo Alckmin, who headed his country's delegation.

He also highlighted the regulation of the carbon market in the National Congress, the reduction in deforestation in leading the country to zero, and the delivery of the Nationally Determined Contribution (NDC), which he considered extremely bold. ”We're going to move from 2.2 billion tons of CO₂ equivalent to a target of 850 million tons of CO₂ equivalent by 2035,” he went on.

Environment and Climate Change Minister Marina Silva pointed out that the actions being discussed at the meeting in Baku will lead Brazil to host the implementation COP (COP30). “What is the indicator of success of this COP29, beyond the many issues that are being discussed here? Surely it's the financing mechanisms, without which what we announce will just be words,” she said as attendees this year plan to focus on gathering the resources for the actions deemed necessary.

According to Silva, climate finance is what will enable adaptation and mitigation actions and the transformation of development models. This path has already been mapped out with public policies to tackle fires, the implementation of the Climate Plan, the Pact for Ecological Transformation, and the results achieved by the current government. “We don't want to settle for the data we've achieved, we want Brazil to be the address of prosperity, but, as President Lula says, with a fight against inequality, prosperity, protecting biodiversity, and indigenous peoples, prosperity so that our country can be democratic and sustainable, dialoguing with all sectors,” she insisted.

Regarding Brazil's ambition to reduce greenhouse gas emissions, the minister stressed Brazil's importance worldwide on these issues. “Let us map out the path to transition, the end of fossil fuel use, the end of deforestation and so that no one is left behind,” she underlined.

During the COP29 opening ceremony, Azerbaijan's Ecology Minister Mukhtar Babayev took over the presidency from Sultan Al Jaber, who presided over the previous conference in the United Arab Emirates in 2023. “By mobilizing climate finance, we enable high ambitions. And when, together, we show signs of greater ambition, we create the confidence to unlock greater financial commitments,” said Babayev. “Climate change is already here, from flooded houses in Spain to forest fires in Australia, from rising oceans in the Pacific to arid plains in East Africa. Whether we see them or not, people are suffering in the shadows. They are dying in the dark. And they need more than compassion, more than prayers and bureaucracy. They are begging for leadership and action,” he warned.

“They are waiting for us to show leadership and they can't afford the cost of delay. So let's increase ambition and enable action. Let's move forward in solidarity for a green world. And let's get to work,” he went on.

The two-week event will be focused on fundraising from wealthier countries to less developed ones to help them fight climate change and mitigate gas emissions. So far, the annual commitment of US$ 100 billion (pledged at COP15 in Copenhagen) is considered insufficient. However, there is no consensus on the exact amount or on what formulas should be used to increase funding.