Portugal has already contributed 68.5 million euros towards international climate finance commitments, and part of this amount will be used debt conversion from Cape Verde and Sao Tome and Principe.
The figures were updated this Monday by the Ministry of Environment and Energy (MAE) in a statement released on the same day that begins on the 29th in Baku, Azerbaijan. United Nations Conference on Climate Change (COP29), which ends on the 22nd.
Of the 68.5 million, 12 million correspond to the conversion of Cape Verde’s debt into climate investments, and another 3.5 million euros to the conversion of Sao Tome and Principe’s debt.
“Portugal has the ambition to be able to expand these partnerships”, especially with the CPLP (Community of Portuguese Speaking Countries) countries, after 2025, the Government announced.
“The results of this agreement to convert debt into climate financing are very positive. At this moment, a tender is already underway to express interest in the ‘repowering’ of the Palmarejo photovoltaic plant, in Cape Verde, which demonstrates the practical effects of the memorandum signed by the two countries,” says the Minister of the Environment. Maria da Graça Carvalho, mentioned in the statement.
Regarding COP29, which is headed by the Portuguese delegation, the minister points out in the statement the importance of increasing the financing objective for climate change, “expanding the range of contributors to this effort.”
“Currently, many of the world’s biggest polluters are not doing enough. The European Union has led this effort.with clear funding and priorities. Now we want to see other large blocks and nations match our level of commitment,” says the Minister of Environment and Energy.
In the statement, Portugal also calls for an “ambitious and solid outcome in terms of mitigation” at COP29, as part of its global outcomeincluding monitoring progress in the implementation of the so-called “Global Balance Sheet (GST)” (assessment of the achievement of the goals of the Paris Agreement) and sending “ambitious signals on the upcoming presentation of nationally determined contributions (NDC) ), which will take place next year.
The NDCs are each country’s proposals to reduce greenhouse gas (GHG) emissions.
Portugal, also states the Ministry of Environment and Energy, arrives at COP29 with a “revised and more ambitious” National Energy and Climate Plan (PNEC), with objectives of increasing the weight of renewable energies in the country’s final energy consumption. 47% to 51% and an emissions reduction target of 55%, compared to 2005 values.
“The PNEC aligns its trajectory towards achieving climate neutrality between now and 2045,” guarantees the Government.
Portugal’s objectives at COP29, aligned with the priorities of the European Union, include increasing countries’ efforts to comply with the Paris Agreement and limiting the increase in global temperature to 1.5ºC (degrees Celsius) relative to the pre-industrial era, the report summarizes. document.
And for this, the Ministry emphasizes, increase financing for the fight against climate change, expanding also the base of contributing countries, not only developed ones but also developing ones with higher GDP and level of GHG emissions per capita.
Source: Observadora
