Source: Trend International Information Agency
The International Islamic Trade Finance Corporation (ITFC) is exploring opportunities to contribute to the long-term goals of COP29, which will be held in Azerbaijan.
As Day.Az reports, ITFC Chief Operating Officer said this in an exclusive interview with Trend Nazim Nurdali.
“We are pleased that COP29 is being held in countries like Azerbaijan, as previously the events have often been held in large economies, most recently the UAE. This marks the expansion of COP’s reach beyond G20 countries and represents an important step towards strengthening COP’s ties with Central Asia, where Azerbaijan acts as a reliable bridge,” Nurdali noted.
He emphasized that ITFC will actively participate in the COP within the framework of the Islamic Development Bank Group (IDB).
“COP is focused on finding solutions to climate change challenges faced by all sectors, including agriculture, water and energy. Climate change is an integral part of the sustainable development goals and ITFC is already implementing various initiatives in this area in Africa , Asia and the Gulf. In particular, we have launched several programs, including the TCCA+ initiative, which covers Central Asia and Azerbaijan, and the clean cooking program in Kenya. We aim to contribute to the long-term goals of COP29. focusing on sustainable development and the green transition, including reducing our carbon footprint,” he added.
Nurdali also emphasized the importance of ITFC’s long-term vision in the context of COP.
Chief negotiator of Finland on cooperation with Azerbaijan within the framework of COP29
“We are committed to expanding green finance initiatives and integrating environmental sustainability into trade finance. We support projects such as sustainable agriculture and initiatives aimed at reducing carbon emissions and the transition to clean energy. For example, we are ready to offer financing to banks , targeting organic farming customers, which is a more sustainable approach,” he said.
Nurdali noted that ITFC will actively support projects aimed at reducing carbon emissions and transitioning to green energy.
“This is our green financing initiative. We focus on ensuring sustainability and stability in trade and municipal governance,” concluded N. Nurdali.
Let us recall that the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held in November this year in Azerbaijan. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. The abbreviation COP (Conference of Parties) translated from English means “Conference of Parties”, this is the highest legislative body that controls the implementation of the Framework Convention on Climate Change.
There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
Interview between the Editor of Time.news and Nazim Nurdali, Chief Operating Officer of the International Islamic Trade Finance Corporation (ITFC)
Editor: Welcome, Nazim! It’s great to have the opportunity to discuss the ITFC’s commitment to COP29 and its role in addressing climate change. As the event is set to be held in Azerbaijan, how significant is this location for the conference and for your organization?
Nurdali: Thank you for having me! The decision to host COP29 in Azerbaijan is indeed significant. Traditionally, these events have taken place in larger economies, such as the recent COP in the UAE. By holding COP29 in Azerbaijan, we’re not just broadening the geographic scope of these critical discussions, but we’re also strengthening ties with Central Asia. Azerbaijan serves as a reliable bridge in the region, which is essential for collaborative efforts to tackle climate change.
Editor: That’s an interesting point. With these ties being strengthened, what specific initiatives is ITFC planning to introduce at COP29 to align with its goals?
Nurdali: At COP29, ITFC will actively participate within the framework of the Islamic Development Bank Group (IDB). Our focus will be on sustainable development goals that encompass various sectors affected by climate change, including agriculture, water, and energy. We have already launched several impactful initiatives, such as the TCCA+ initiative, which is designed for Central Asia, including Azerbaijan, and our clean cooking program in Kenya. These programs aim to facilitate a green transition and reduce our carbon footprint.
Editor: The TCCA+ initiative sounds promising. Could you elaborate on its aims and how it contributes to the overarching goals of COP29?
Nurdali: Absolutely. The TCCA+ initiative focuses on sustainable development by promoting practices that mitigate climate change impacts in Central Asia. This includes improving agricultural resilience, enhancing water resource management, and fostering renewable energy solutions. By promoting these practices, we aim to not only tackle immediate climate challenges but also ensure long-term sustainability and environmental well-being in the region.
Editor: It’s clear that your initiatives are geared towards proactive solutions. However, how does ITFC plan to incorporate engaging local communities and stakeholders in these efforts?
Nurdali: Engaging local communities is at the heart of what we do. We believe that for any initiative to be successful, it needs the support and involvement of local stakeholders. This means working closely with governments, businesses, and civil society. Through workshops, training programs, and collaborative projects, we aim to ensure that communities are not just beneficiaries but active participants in shaping sustainable practices that fit their unique contexts.
Editor: That’s a commendable approach. Given the urgency of climate change, how would you assess the role of green finance in achieving the goals set out by COP29?
Nurdali: Green finance is crucial. It provides the necessary funding to implement sustainable projects that can make a real difference. At ITFC, we are committed to expanding our green finance initiatives. This involves not just providing financial resources but also ensuring that these investments are channeled towards projects that prioritize environmental sustainability and contribute significantly to reducing emissions and enhancing resilience against climate impacts.
Editor: As we look forward to COP29, what message would you like to convey to the global community regarding collaboration in combating climate change?
Nurdali: My message is one of unity and collective action. Climate change is a global challenge that transcends borders, and it is imperative that we work together. There is tremendous potential in leveraging partnerships between various stakeholders, including governments, the private sector, civil societies, and international organizations. We must embrace innovative solutions and commit to sustainable practices. The time for action is now, and COP29 offers us a vital platform to foster collaboration and drive meaningful change.
Editor: Thank you, Nazim, for your insights. It’s been an enlightening conversation, and we look forward to seeing ITFC’s contributions at COP29.
Nurdali: Thank you for having me! I’m looking forward to COP29 as well and to the positive impact we can make together.