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 market edges up to close at 11,328

Updated 5 sec ago
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Closing Bell: Saudi main market edges up to close at 11,328

RIYADH: Saudi Arabia’s Tadawul All Share Index closed slightly higher on Tuesday, rising 0.07 percent, or 7.43 points, to finish at 11,328.52.

The parallel Nomu market also gained, up 0.13 percent, or 30.68 points, to 24,043.71, with 46 stocks advancing and 33 declining.

The MT30 index ended in positive territory at 1,527.14 points, up 0.19 percent. Market breadth was slightly negative, with 112 gainers against 140 decliners. Total trading volume reached 220.3 million shares, valued at SR5 billion ($1.3 billion), according to exchange data.

Among the session’s top performers, Saudi Chemical Co. rose 8.04 percent to SR8.33, Etihad GO Telecom Co. gained 6.83 percent to close at SR98.55, and Cherry Trading Co. climbed 5.84 percent to SR30.80. Arabian Contracting Services Co. advanced 4.99 percent to SR126.20, while United Carton Industries Co. rose 4.18 percent to SR26.44.

On the downside, Elm Co. led losses, falling 3.44 percent to SR743.50, followed by Knowledge Economic City, which declined 2.67 percent to SR12.74, and Aljazira Takaful Taawuni Co., which slipped 2.45 percent to SR11.92.

Makkah Construction and Development Co. fell 2.13 percent to SR89.65, while Arabian Internet and Communications Services Co. eased 2.07 percent to SR227.60.

Etihad GO Telecom Co. also released its consolidated interim results for the nine months ending Dec. 31, 2025, reporting strong growth across its business segments. Revenues rose 34.3 percent year on year to SR1.39 billion, while net profit attributable to shareholders increased 22.4 percent to SR197 million. During the most recent quarter, revenue reached SR489 million, up from SR382 million in the same period last year, and net profit rose to SR70 million from SR55 million.

The company attributed the gains to higher revenue from its B2B, wholesale, and B2C segments, increased demand for voice and fiber services, and contributions from its subsidiary, Ejad Technology.

Separately, Saudi Arabian Oil Co. completed the issuance of $4 billion in international bonds under its Global Medium-Term Note Program, comprising 20,000 US dollar-denominated bonds with maturities of three, five, 10, and 30 years, carrying coupon rates of 4 to 6 percent, and expected to be listed on the London Stock Exchange.