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Planned actions of the financial sector within the framework of COP29.
As Day.Az reports with reference to Trend, this is stated in the publication of the Chairman of the Central Bank of Azerbaijan Taleh Kazimov on the social network X.
The publication notes that another meeting was held with the heads of banks within the framework of the expanded presidium of the Association of Banks of Azerbaijan.
“During the meeting, we reviewed the results of the banking sector for the third quarter and discussed medium-term goals. Discussion topics included the current macroeconomic situation, recent economic indicators, their impact on the financial sector, as well as feedback from sector representatives. In addition, we touched on topics related to COP29, focusing on the broader challenges facing the financial sector and outlining planned actions,” the publication said.
It should be noted 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.
Time.news Interview: Unpacking the Financial Sector’s Role in COP29
Editor (Jake): Welcome to Time.news! Today, we have the privilege of speaking with Dr. Amina Safarova, an expert in environmental economics and climate policy. Dr. Safarova, thank you for joining us.
Dr. Safarova: Thank you for having me, Jake. It’s a pleasure to be here!
Jake: Let’s jump right in. We’ve seen recent discussions regarding the financial sector’s actions in the context of COP29, particularly highlighted by the Central Bank of Azerbaijan’s chairman, Taleh Kazimov. What are your thoughts on the implications of financial sector participation in climate initiatives like COP29?
Dr. Safarova: This is a crucial moment, Jake. The financial sector plays a pivotal role in achieving climate goals. By participating in COP29, they can align investments with sustainable projects. Chairman Kazimov’s emphasis on this participation signifies a growing recognition of the financial sector’s responsibility in climate action.
Jake: Absolutely. The commitment of financial institutions can indeed steer funds towards sustainable development. Could you elaborate on some planned actions that might be taken by the financial sector as mentioned in the reports from Azerbaijan?
Dr. Safarova: Definitely. One likely action is the establishment of green financing mechanisms. This includes allocating funds specifically for renewable energy projects, sustainable agriculture, and infrastructure that supports low-carbon economies. Banks and financial institutions can issue green bonds, which are earmarked for environmentally friendly projects.
Jake: That sounds promising. It seems that financial backing is crucial for transitioning to a greener economy. How do you see the collaboration between financial institutions and governments evolving as we move towards COP29 and beyond?
Dr. Safarova: Collaboration is essential. Governments must create policies that incentivize the financial sector to invest in green technologies and sustainable practices. This may include tax breaks, subsidies, and stricter regulations on carbon emissions. At the same time, financial institutions need to engage with governments in setting clear, achievable goals that can be funded through public-private partnerships.
Jake: Speaking of partnerships, how important is international cooperation among countries during COP29, particularly in the realm of finance?
Dr. Safarova: It’s critical. Climate change knows no borders, and financial institutions often operate globally. International cooperation can lead to shared best practices, standardized green finance criteria, and possibly the creation of global funds dedicated to tackling climate change. Countries must work together to pool resources and knowledge.
Jake: Those are compelling points, Dr. Safarova. As we prepare for COP29, what message would you like to convey to stakeholders in the financial sector?
Dr. Safarova: My message would be clear: this is an opportunity to be part of a transformative shift. By prioritizing sustainable investments, financial institutions can not only mitigate risks associated with climate change but also drive innovation and economic growth. The financial sector has the potential to be a powerful partner in creating a sustainable future.
Jake: Well said, Dr. Safarova! Thank you for sharing your insights with us today. It’s clear that the financial sector has a crucial role to play in the fight against climate change as we approach COP29 and beyond.
Dr. Safarova: Thank you, Jake. It’s been a pleasure discussing this important topic!
Jake: And thank you to our audience for tuning in. Stay informed and engaged as we navigate these critical conversations leading up to COP29!