The Minister of State for Finance, Planning, and Economic Development, Amos Lugoloobi, has called upon legislators to promote collaborative climate action in developed and developing countries.
Lugoloobi made the remarks on Thursday, November 14, 2024, during the 6th high-level ministerial dialogue on Climate Finance at the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Azerbaijan.
According to Lugoloobi, ministers and heads of delegations from both developed and developing countries should reaffirm their commitment to equitable climate action, uphold transparency, and foster solidarity in fulfilling this critical financial promise.
He added that the world’s richest countries certainly need to step up and do much more to stabilize climate change; therefore, all countries, including low- and middle-income countries, need to contribute to bringing global net carbon dioxide emissions to zero.
“We gather at a pivotal moment in our shared climate journey, where the urgency to meet the long-standing commitment to mobilize USD 100 billion annually has never been more pressing,” Lugoloobi said.
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Lugoloobi further said that the dialogue was not just a moment of reflection on past achievements and challenges; however, it was a call to action that must all collectively evaluate progress and renew their commitment to support developing nations and set the stage for more robust and predictable financial strategies that align with ambitious climate goals.
“I congratulate Azerbaijan for assuming the COP Presidency and organizing this event that has pulled developing and developed nations together,” he said.
The current account by the Standing Committee on Finance was guiding discussions to forge a way for sustainable, inclusive, and transparent climate finance solutions to loss of life, injury or other health impacts, property damage, loss of livelihoods and services, social and economic disruption, or environmental damage.
