Alaa Al Khourdajie: COP29 to focus on climate finance

COP29 will focus on climate finance and hence is presenting itself as the ‘Finance COP’, Alaa Al Khourdajie, research fellow at Imperial College London, told Report.

“This is important to operationalize the Loss and Damage fund agreed in COP28. Other goals such as tripling renewables by 2030 require putting measures in place for investment to scale up fast. Estimates in the scientific literature show that we need $2 trillion a year from now until 2030 - twice current levels to achieve such a goal,” he noted.

Finally, more progress is required on reaching agreement of phasing out fossil fuels in the immediate future, he said.

Speaking about Azerbaijan’s desire to develop exclusively green energy while restoring the liberated territories, Al Khourdajie noted that progress in this direction is certainly a positive phenomenon: “Any progress on the use of low- and zero-carbon energy in any part of the world is important and a very welcome development. The pace at which we are transforming our energy systems globally is immense, nonetheless we are still lagging behind what needs to be done.”

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