COP29 set to begin with hopes for more funding to fight climate change

With over 50,000 participants expected, including top industry leaders and policymakers, COP29 aims to drive global climate action. Reuters
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Updated 10 November 2024
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COP29 set to begin with hopes for more funding to fight climate change

  • Just, equitable action vital, says COP29’s Mukhtar Babayev

BAKU: The highly anticipated COP29 UN climate change conference opens on Monday in Baku, Azerbaijan, bringing together world leaders, experts, and activists to tackle the urgent environmental challenges facing the planet.

Running through Nov. 22, this year’s event is centered around the theme “In Solidarity for a Green World.”

With over 50,000 participants expected, including top industry leaders and policymakers, COP29 aims to drive global climate action. However, several key leaders — EU President Ursula von der Leyen, US President Joe Biden, and Brazil’s President Luiz Inacio Lula da Silva—will be notably absent, according to Reuters.

COP29 has a special focus on climate finance, as parties aim to set a New Collective Quantified Goal on funding. 

Expectations are high as delegates prepare to discuss topics including carbon emissions reduction, sustainable development, and the integration of climate resilience into national policies. 

Azerbaijan is a significant producer of fossil fuels, just as last year’s host the UAE, but COP29 President-Designate Mukhtar Babayev told Arab News recently that hosting the conference is a sign of change.

“Like Saudi Arabia, Azerbaijan has historically been a significant energy producer, particularly in oil and gas. Hosting COP29 signifies our shift from traditional energy sources to embracing renewable energy solutions,” he said. 

“This event will allow us to showcase our ongoing efforts to diversify our energy mix, investing heavily in wind, solar, and hydrogen energy projects,” he added. 

The conference aims to deliver support for urgent action and foster a sense of shared responsibility between international organizations. 

Babayev highlighted Azerbaijan’s role in coordinating global efforts. “We hope that COP29 in Azerbaijan will serve as a platform for developing nations to voice their unique climate challenges and solutions.

“As a country that has faced environmental and economic transformation, Azerbaijan understands the delicate balance between development needs and climate responsibility,” he said. 

He added: “We can facilitate inclusive dialogues between the Global South and developed nations to ensure that climate action is equitable and just.” 

Commenting on the country’s preparations for the influx of visitors, Babayev said: “In terms of logistics and to ensure Baku is ready to host thousands of delegates from across the globe, we have been investing in the city’s infrastructure, with a strong emphasis on sustainability.” 

Moreover, investments are being made in expanding green public transportation options, enhancing conference facilities, and optimizing urban mobility to minimize environmental impact during the event, he stated.

“Additionally, we are committed to achieving a green COP by integrating renewable energy into the event’s operations and aiming for a zero-waste policy throughout the conference,” said Babayev. 

Some of its established environmental protection initiatives, according to Babayev, include reforesting degraded areas and protecting the Caspian Sea. 

“COP29 will spotlight these initiatives and encourage international collaboration to replicate them.” 

Although the path ahead is challenging, COP29 represents a crucial opportunity to turn ambition into tangible results for generations to come. 

“We are prepared to lead, innovate, and foster the international cooperation needed to tackle the climate crisis and build a more sustainable future for all,” said Babayev.


Closing Bell: Saudi main index closes in green at 10,917 

Updated 6 sec ago
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Closing Bell: Saudi main index closes in green at 10,917 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 4.86 points, or 0.04 percent, to close at 10,917.04. 

The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 102 of the listed stocks advanced, while 147 retreated. 

The MSCI Tadawul Index increased, up 0.54 points, or 0.04 percent, to close at 1,467.06. 

The Kingdom’s parallel market Nomu lost 85.41 points, or 0.36 percent, to close at 23,357.50. This comes as 19 of the listed stocks advanced, while 46 retreated. 

The best-performing stock was Tourism Enterprise Co., with its share price surging by 10 percent to SR13.53. 

Other top performers included Al Yamamah Steel Industries Co., which saw its share price rise by 8.64 percent to SR39.22, and Anaam International Holding Group, which saw a 4.05 percent increase to SR12.59. 

Alramz Real Estate Co. saw its share price rising by 3.95 percent to close at SR61.85, while Umm Al Qura for Development and Construction Co. closed at SR18.08, marking a 3.67 percent increase in share price. 

On the downside, the worst performer of the day was Saudi Industrial Export Co., whose share price fell by 3.72 percent to SR2.59. 

ACWA Power Co. saw its share price fall 3.54 percent to SR177.20, while Naseej International Trading Co. declined 3.08 percent to SR29.56. 

Moreover, the share price of Rabigh Refining and Petrochemical Co. dropped 2.95 percent to close at SR6.57, while Nice One Beauty Digital Marketing Co. saw its share price dropping 2.65 percent to SR17.97. 

On the announcement front, Alinma Capital has declared a cash dividend distribution totaling SR6.55 million for unitholders of the Alinma Saudi Government Sukuk ETF Fund.  

The dividend, covering the period from July to December 2025, amounts to SR0.162 per unit and represents approximately 1.56 percent of the fund’s net asset value as of Jan. 15, 2026.  

Its share price closed at SR10.42 on the main market, marking a 0.10 percent increase. 

Also, Itmam Consultancy Co. has been awarded a significant project by the Digital Government Authority to develop digital investment skills within the public sector.  

The contract, officially granted on Jan. 19, is valued at more than 5 percent of the company’s total 2024 revenue.  

According to a statement, the program aims to equip government employees with the expertise needed to enhance digital government investment efficiency, focusing on software license development aligned with legal and technical standards.  

Its share price remained unchanged on NOMU at SR16.40.