ADDIS ABABA–Ethiopia has capitalized on the UN Climate Change (COP29) summit, strategically engaging in negotiations and discussions to advance its national climate goals and secure global partnerships, the Ministry of Planning and Development (MoPD) reported.
Speaking to the media yesterday, MoPD State Minister SeyoumMekonnen stated that Ethiopia has actively participated in COP29 negotiations to safeguard its national interests. He emphasized the critical importance of adaptation and mitigation strategies in addressing the urgent challenges posed by climate change.
The negotiations culminated in an agreement for developed countries to take the lead in raising 300 billion USD annually for developing nations by 2035. This core finance target is part of a broader effort to raise an additional 1.3 trillion USD through other countries or mechanisms. These funds are intended to reduce emissions and mitigate the growing impacts of climate change, Seyoum explained.
The extensive discussions also covered the performance, implementation, and operation of core finance, resulting in an agreement to release these funds as grant financing. The COP29 conference highlighted the devastating effects of climate change on developing countries and stressed climate risk as an increasing source of both current and future threats, Seyoum added.
The summit, which focused primarily on finance-including carbon trading and other mechanisms-saw Ethiopia participating in 21 events, holding 19 bilateral meetings, and signing two Memoranda of Understanding (MOUs). These efforts, the state minister stressed, aim to strengthen partnerships and cooperation to financially support ongoing climate initiatives in various countries.
Ethiopia also shared its best practices and efforts in areas such as the Green Legacy Initiative, the wheat project, urbanization, climate change adaptation, resilient food systems, and renewable energy.
Furthermore, Seyoum remarked that the “Partnering for Green Growth and the Global Goals 2030” (P4G) initiative has selected Ethiopia to host the P4G conference in 2027, further solidifying its role as a leader in global climate action.
BY TSEGAYE TILAHUN
THE ETHIOPIAN HERALD SATURDAY 30 NOVEMBER 2024
