WTO Joins COP29 Climate Summit in Baku
The World Trade Organisation (WTO) is set to play a significant role in the COP29 Summit, which will be held in Baku, Azerbaijan, from November 11 to November 22. The WTO, led by Director-General Ngozi Okonjo-Iweala, will support and participate in various trade-focused events during the conference.
Key Events and Participation
Director-General Ngozi Okonjo-Iweala will attend the World Leaders Climate Action Summit on November 12 and 13, along with other high-level events at the COP29 Trade and Investment House. A special portal on the WTO website will provide details about these events, and several publications will be launched during the summit.
Trade and Investment House Pavilions
The Trade and Investment House pavilions, hosted by Azerbaijan’s Ministry of Economy in collaboration with the WTO and other international organizations, will serve as a hub for discussions on trade, investment, and climate action. These pavilions will feature interactive discussions, exhibits, workshops, and demonstrations.
Climate Finance, Investment, and Trade Day
On November 14, a dedicated Climate Finance, Investment, and Trade (FIT) Day will focus on how trade and investment can enhance climate finance flows and support developing countries in transitioning to sustainable practices. Discussions will explore the role of trade policies in achieving climate goals and promoting sustainable development.
Special Initiatives and Events
The Azerbaijan COP Presidency will showcase several initiatives, with high-level events addressing topics like sustainable stock exchanges, decarbonizing the steel and hydrogen sectors, and integrating small and medium-sized enterprises into low-carbon value chains.
The COP29 Summit continues the tradition of the annual ‘Conference of the Parties,’ which gathers governments involved in international environmental treaties to address climate change challenges.
Doubts Revealed
WTO -: WTO stands for the World Trade Organisation. It is an international organization that helps countries trade goods and services with each other smoothly and fairly.
COP29 -: COP29 is the 29th Conference of the Parties, a big meeting where countries discuss how to tackle climate change. It’s like a global gathering to find ways to protect our planet.
Baku -: Baku is the capital city of Azerbaijan, a country located at the crossroads of Eastern Europe and Western Asia. It’s known for its rich history and modern architecture.
Director-General Ngozi Okonjo-Iweala -: Ngozi Okonjo-Iweala is the head of the World Trade Organisation. She is a Nigerian economist and the first woman and African to lead the WTO.
World Leaders Climate Action Summit -: This is a special event where leaders from different countries come together to discuss and plan actions to fight climate change. It’s part of the COP29 Summit.
Climate Finance -: Climate finance refers to money that is used to help countries and people deal with climate change. It can be used for projects that reduce pollution or help people adapt to changes in the climate.
Sustainable Development -: Sustainable development means creating a better future by using resources wisely so that we don’t harm the environment and can continue to grow and prosper.