2024-08-07 17:14:38
On July 24, an event entitled “COP28-G20 Brazil Finance Path: Making Sustainable Finance Possible, Affordable and Affordable” was held in Rio de Janeiro, Brazil, as part of the meeting of finance ministers and central bank governors of the G20 member countries.
As reported by Day.Az, at the invitation of the COP28 presidency and the Brazilian Ministry of Finance, Azerbaijan was represented at this meeting by a delegation headed by Finance Minister Samir Sharifov.
Speaking at the opening of an event dedicated to assessing the provision of sustainable financial sources in connection with global climate change, Minister Samir Sharifov noted that the response to the global challenge in connection with the growing climate crisis requires the creation of financial support in an appropriate volume and without delay.
This, in turn, required the countries of the world that signed the Global Climate Agreement (Paris Agreement) in 2015 to create a financial mechanism implementing the allocation of climate financing by developed countries on an annual basis to developing countries to fulfill the part of their commitments to reduce carbon dioxide emissions that falls to these countries. But, despite the fact that much time has passed since then, this issue is still on the agenda. This circumstance makes it even more urgent for the parties to the agreement to define and agree on a New Climate Finance Target to achieve the goals of the Paris Agreement during the COP conference, which will be held in Baku this year.
The Minister stressed that the COP29 event in Baku will be a fruitful platform for defining a fair and ambitious new climate finance target, meeting the needs of the climate development agenda of developing countries and restoring confidence in the Paris Agreement, and noted the exceptional role of the G20 in adopting the climate finance target this year, calling on the G20 finance ministers to make additional efforts to coordinate their positions.
Stressing the need to mobilize additional financial resources to meet the needs of developing countries for climate financing, Minister Samir Sharifov noted that during Brazil’s presidency of the G20, Azerbaijan was also invited to the work of a specially created working group on climate financing, and proposed to include in the agenda of this working group the issue of increasing the resource base of multilateral development banks, and to achieve this goal, he proposed that the G20 finance ministers prepare and submit a special report.
During his visit to Brazil, Minister Sameer Sharif held bilateral meetings with the country’s Finance Minister Fernando Haddad and Minister of Environment and Climate Change Marina Silva, as well as the Minister of State for Finance of the United Arab Emirates Mohammed Al Hussaini, Indonesian Finance Minister and Co-Chair of the Coalition of Finance Ministers on Climate Action Sri Mulyani Indrawati, COP28 Director-General Majid Al Suwaidi, International Monetary Fund Managing Director Kristalina Georgieva and World Bank President Ajay Banga.
The meetings discussed the cooperation relations between Brazil as the G20 President and the future COP30 Chairman, the United Arab Emirates as the COP28 Chairman and Azerbaijan as the COP29 Chairman, assessed the role of the G20 in defining and adopting the New Collective Quantitative Target on Climate Finance, discussed increasing the resource base of multilateral development banks, improving the efficiency of private capital, ways to attract climate finance and other issues related to the upcoming COP29 in Baku.
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