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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:
🗞️ Driving the news: As the host of the upcoming UN COP29 climate summit, Azerbaijan acknowledges the need to finalize its own climate action plan, aiming to meet the 1.5C warming goal
• President-designate Mukhtar Babayev emphasized the importance of setting a strong example in climate leadership
🔭 The context: Azerbaijan is currently developing its national climate plan, which involves a 40% reduction in greenhouse gas emissions by 2050 from 1990 levels, contingent on international support
• The country faces significant challenges, as its economy heavily relies on oil and gas exports
🌍 Why it matters for the planet: With its significant dependency on fossil fuels, Azerbaijan’s shift towards sustainable energy and climate resilience is crucial not just locally but as a precedent for global climate policies
⏭️ What's next: The focus of COP29 will be on enhancing global climate ambitions and enabling actionable plans, particularly in adaptation strategies that include critical sectors like agriculture, severely impacted by climate change
💬 One quote: "We need to agree a new climate finance goal, strengthen global financial institutions, put capital into the transition," (Mukhtar Babayev, Minister of Ecology and Natural Resources of Azerbaijan)
📈 One stat: Oil and natural gas account for about 90% of Azerbaijan’s export revenues and 60% of its government budget
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