The upcoming COP29 climate conference in Baku will not only be a pivotal event but also a challenging negotiation process, European Commissioner for Climate Action Wopke Hoekstra told journalists in Luxembourg, Report informs.

"I have just returned from Baku, where we had productive preliminary discussions with partners from various countries around the world on initiating additional climate change measures and ensuring the implementation of the 'UAE Consensus' - all decisions and agreements reached over the past year," Commissioner Hoekstra stated. "We will discuss the conclusions I reached in Baku last week at the council today. We will also define the parameters for the next consultation and address several other issues, all within the framework of preparations for the upcoming COP29 in a few weeks.

The European Commissioner explained that during his participation in the Pre-COP29 conference in Baku last week, he emphasized that financing climate change mitigation efforts would require more effort from all participants.

"This includes attracting finance from both the private and public sectors. In addition to the dedication of us Europeans, we need confidence that other countries with the ability to pay will also take responsibility," he added.

Hoekstra outlined three main issues to be discussed at the meeting of EU climate ministers in Luxembourg: “One is how do we make sure that more money is put on the table? Secondly, what is needed is to make sure that the money actually lands with those most in need. Think about the small island development states and the least developed countries, particularly in Africa. And third, how are we going to enlarge the contributor base because that is of pivotal importance. More countries need to rise to the occasion.”