Azerbaijan opens doors to climate finance”/>
Azerbaijan is committed to attracting all sources of climate finance.
As Day.Az reports with reference to Trend, this was stated by the Minister of Ecology and Natural Resources of Azerbaijan, President of COP29 Mukhtar Babaev during a speech at a panel meeting held in Baku as part of Pre-COP29.
The Minister noted that the availability of financing should be significantly increased.
“We continue to call for increased contributions to the Green Climate Fund, but we agree that not all funds can come from the public sector. Only 2 percent of climate change adaptation finance currently comes from the private sector. Multilateral banks development and international financial institutions have a role to play in attracting private sector investment. We are working with these organizations to maximize the scale, efficiency and easy access to climate finance,” added M. Babaev.
It should be noted that the second day of Pre-COP29 is taking place in Baku.
The second day of the event will include plenary sessions and side events.
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. Within two weeks, Baku will become the center of the world and will receive about 70-80 thousand foreign guests.
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.