.png)
2024-10-03 14:30:48
COP29 will provide much-needed impetus to green finance.
As Day.Az reports with reference to Trend, the chairman of the board of PASHA Bank said this Javid Guliyev during a round table on the topic “Creating conditions for private financing” at ADA University.
“COP29 will give the necessary impetus to green finance and make it more accessible not only to large corporations and state-owned companies, but also to small and medium-sized businesses,” he said.
According to D. Guliyev, the banking sector of Azerbaijan has long been actively involved in supporting “green” financing.
“For example, the banking sector contributes to the purchase of environmentally friendly transport. As is known, on the eve of COP29, a significant number of new electric buses have been purchased, which will hit the streets of Baku. If we pay attention to agriculture, it can be noted that the banking sector is financing technological solutions, such as drip irrigation systems Nowadays, drip irrigation is not only an important practice, but also a mandatory legal requirement for companies in the context of water shortages that the country is experiencing,” he added.
D. Guliyev noted that the country is developing a regulatory framework, helping financial institutions, especially banks, to more effectively mobilize and strengthen support for green financing.
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 Azerbaijan this November. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Within two weeks, Baku, having become the center of the world, 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) stands for Conference of the Parties, which is the highest legislative body overseeing 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.