COP29 lead negotiator highlights importance of climate finance in global transition to low-emission future

“Today, we come together to address one of the most critical components in our fight against climate change—climate finance,” said Yalchin Rafiyev, Azerbaijan’s Deputy Minister of Foreign Affairs and COP29 Lead Negotiator, during his speech at the Joint COP29 Presidency and Multilateral Climate Funds (MCFs) event on “Collective Action for Catalyzing Climate Impact” at the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in the Blue Zone.

He made the remarks at the Joint COP29 Presidency and Multilateral Climate Funds (MCFs) event on “Collective Action for Catalyzing Climate Impact”, oirganized as part of COP29 in Baku on Thursday, News.Az reports.

Rafiyev stressed the importance of finance in driving the global transition to a low-emission, climate-resilient future, noting that climate projects are often viewed as high-risk investments, which increases financing costs and limits investment opportunities.

“This is why the role of the Multilateral Climate Funds (MCFs) becomes crucial. The MCFs, including the Adaptation Fund (AF), Climate Investment Funds (CIF), Global Environment Facility (GEF), and Green Climate Fund (GCF), are not only providers of climate finance but also catalysts that help de-risk investments. Over the years, these funds have collectively mobilized over US$50 billion in climate and sustainability funding,” he emphasized.

Rafiyev expressed his confidence that the Multilateral Climate Funds will continue its activities focusing on establishment of a stronger collaboration.

News.Az