2024-10-02 09:13:25
Last year, the World Bank (WB) and the International Finance Corporation (IFC) invested $42 billion in climate finance.
As Day.Az reports with reference to Trend, the head of the IFC representative office in Azerbaijan said this Aliya Azimova at the international conference within the framework of Climate Action Week in Baku.
“We need to provide financing that will stimulate green development. Last year, the World Bank and the International Finance Corporation (IFC), which I represent, invested $42 billion in climate finance. IFC accounted for more than half of private investment mobilization in low- and low-income countries. middle income,” she said.
Azimova noted that urbanization is accelerating, and more than 2.5 billion people are expected to live in cities by 2050. Cities now produce 70% of global greenhouse gas emissions, use 75% of natural resources and produce 50% of the world’s waste.
It should be noted that the Week of Action runs from September 30 to October 4, 2024 and is being held in Baku for the first time.
This event will form the basis of the climate agenda ahead of COP29 in Baku in November.
Climate Action Week will bring together key stakeholders from a range of sectors such as politics, finance, trade, investment, science, arts, culture, civil society and media.
The main themes of this event are “energy transition”, “cities and urban environment”, “water security”, “food and agriculture”, “SMEs” and “green” skills.”
The first half of the week (September 30 – October 2) will focus on climate solutions involving government agencies, academia and the private sector. In the second half (October 3-4), the emphasis will be on science, education, art, culture and other sectors.