2024-04-30 16:28:43
At Azerbaijan could double gas exports to Europe as it prepares to host the next Climate Summit in 2024″>COP29, Azerbaijan intends to propose the creation of a new North-South financial mechanism.
As Day.Az reports on Monday with reference to Trend, this was stated by the head of the department of sustainable development and social policy of the Ministry of Economy of Azerbaijan, Huseyn Huseynov, during a presentation on the topic “Towards COP29 – priorities and agenda” within the framework of the annual meetings of the Islamic Bank Group Development (IDB) in Riyadh.
He noted that the North-South Financial Mechanism will serve as a bridge between national and international oil (energy) companies.
He noted that membership opportunities will remain open to all parties, even those who were initially hesitant to join the initiative.
“Member parties of the North-South Financial Mechanism will make transfers to the Fund for the fossil fuels they export and will become shareholders in exchange for the amount they transfer. The parties will independently determine the amount of the fee depending on the volume of fossil fuels and, accordingly, the amount to be transferred to the Foundation,” he explained.
Huseynov noted that the main factors that distinguish the North-South Financial Mechanism are the following:
– Financial stability (sustainable capital inflow).
– Part of the funds collected into the fund will be considered non-profit capital for the purposes of financing concession projects (preferential investment).
– The other part will be used for commercially profitable investments and will become a source of income for shareholders.
It should be noted that the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change will be held in November this year in Azerbaijan.
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