The acceleration and financing of energy transition, enhancing international cooperation in environmental protection, decarbonization of all modes of transport, and advancing climate action at the local and regional level were in the focus of UNECE's engagements at COP29 in Baku, Azerbaijan. The UNECE delegation led by Executive Secretary Tatiana Molcean and Deputy Executive Secretary Dmitry Mariyasin presented specific tools and practical examples of UNECE work that can help Member States to address climate change and scale up the necessary climate finance.
The transition to carbon-free societies entails the complete overhaul of all industrial sectors, particularly the energy sector. According to United Nations Framework Convention on Climate Change (UNFCCC), annual investments of USD 1.6 to 3.8 trillion are needed until 2050 to meet the objectives of the Paris Agreement. To address this need, UNECE and the High-Level Climate Champions have teamed up to showcase energy transition projects to investors and to foster the development of transition finance instruments. At COP29, they showcased 10 projects from Central Asia and the Western Balkans, which are seeking finance of USD 15 billion. These projects have benefited from the UNECE Public-Private Partnerships (PPP) and Infrastructure Evaluation and Rating System (PIERS), which assists governments, private companies, and financial actors to align their PPP and infrastructure projects with the SDGs and to integrate climate change mitigation and adaptation measures in their evaluation and scoring process. Since its launch in 2022, the PIERS methodology has been applied to over 220 projects across 50 countries.
At a high-level COP29 Presidency event on financing low carbon technologies, including nuclear energy, co-convened with the International Atomic Energy Agency (IAEA), Ms. Molcean reminded that the increasing electrification and digitalization of our societies calls for significant investments in power generation, and that all zero- and low-carbon technologies have a role to play. UNECE also joined the International Renewable Energy Agency (IRENA), the Ministry of Energy of Azerbaijan, and the COP29 Presidency to accelerate the shift to renewable energy and scale up transition finance in Central Asia.
Other UNECE tools highlighted at COP29 as valuable in supporting States' energy transition, namely the UN Resource Management System (UNRMS) and the UN Framework Classification for Resources (UNFC), provide a standardized approach to ensure consistency, transparency, and sustainability in resource management to ensure a more just and equitable use of critical energy transition minerals. Mr. Mariyasin called for their global use for new mining and circular projects. The UNRMS and UNFC are endorsed by the UN ECOSOC and used by the European Union, African Union, and countries worldwide.
For the first time ever, the three UN organizations responsible for transport - the International Civil Aviation Organization (ICAO), International Maritime Organization (IMO) and UNECE - came together at COP29 with aligned visions to reduce the impact of their respective sectors on climate change. The UNECE Strategy on Reducing Greenhouse Gas Emissions from Inland Transport sets out the mission of the UNECE Inland Transport Committee (ITC) to assist its member States and Contracting Parties to 61 UN legal instruments under its purview in achieving the aspirational goal of net zero GHG emissions from inland transport by 2050, through enhanced regulatory support, intergovernmental policy dialogue, and increased coordination and partnership among all relevant stakeholders.
During discussions focusing on enhancing international environmental cooperation and the impact of climate change on water basins, Ms. Molcean and Mr. Mariyasin highlighted transboundary water cooperation through the UNECE-serviced Water Convention as a positive example of joint coordination across policy areas within the UN system. Through transboundary cooperation, countries can develop more effective strategies, policies and investments for adaptation and mitigation, such as for example, transboundary early-warning systems to improve preparedness and minimize losses due to climate extremes. The Baku Dialogue on Water for Climate Action, launched by the COP29 Presidency, the Ministry of Ecology and Natural Resources of Azerbaijan, and in partnership with UNECE, UNEP and WMO, aims to ensure cooperation between COPs on water and its interplay with climate change.
COP29 also saw the presentation of UNECE initiatives that can advance climate action at the local and regional level. The Forum of Mayors provides a platform for local authorities to exchange best practices, strengthen networks, and collaborate on advancing urban sustainability. The UNECE Executive Secretary stressed that urban issues need to be adequately reflected in Nationally Determined Contributions (NDCs) if we are to deliver on the Paris Agreement at scale.
The introduction of the SPECA Multi-Partner Trust Fund and the establishment of the SPECA Climate and Innovation Dialogue marked a new chapter in regional climate cooperation for the States participating in the UN Special Programme for the Economies of Central Asia (SPECA), which is co-convened by UNECE and UNESCAP. Both the Fund and the Dialogue aim to accelerate the achievement of SPECA's strategic objectives and to further advance partnerships and collective solutions to the shared challenges in digitalization, environment, energy, trade, transport, and many other key topics.
Photo credit: UNFCCC / COP29 Presidency
