COP29 president-designate calls for increased climate financing

COP29 President and Minister of Ecology and Natural Resources Mukhtar Babayev underscored the urgent need for increased financing to effectively combat climate change.

"Azerbaijan is actively seeking to mobilize all potential resources for climate finance," Babayev stated during a panel session at the Pre-COP29 event in Baku, emphasizing the pressing necessity for a substantial boost in funding, News.Az reports.

He stressed that Azerbaijan advocates for enhanced contributions to the Green Climate Fund.

"However, it’s crucial to recognize that not all funding can come from the public sector. Currently, only 2 percent of climate finance is sourced from the private sector. Multilateral development banks and international financial institutions must play a vital role in attracting private sector investments. We are working with these institutions to maximize scale, efficiency, and accessibility to climate finance," Babayev added.

The Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) will be held in Azerbaijan this November. This decision was made at the COP28 plenary session in Dubai on December 11, 2023. During two weeks, Baku will become a global hub, welcoming around 70,000 to 80,000 international guests.

The United Nations Framework Convention on Climate Change (UNFCCC) is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992, aimed at preventing dangerous human interference with the climate system.

The abbreviation COP means "Conference of the Parties" and refers to the highest decision-making body responsible for overseeing the implementation of the UNFCCC.

The Convention has 198 member states. Unless otherwise decided by the parties, the COP is held annually. The first COP event was held in Berlin in March 1995, and its secretariat is based in Bonn.

News.Az