Azerbaijan's Initiative: Introducing Fresh North-South Financial Mechanism At COP29
Date
4/29/2024 3:09:44 AM
(MENAFN- AzerNews)
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Ulviyya Shahin Read more
During a presentation titled“Towards COP29 - Priorities andAgenda” at the Islamic Development bank Group (IsDB) annualmeetings in Riyadh, Huseyn Huseynov, Head of SustainableDevelopment and Social Policy Department at the Ministry of Economyof Azerbaijan, announced Azerbaijan's intention to propose theestablishment of a novel North-South Financial Mechanism at COP29, Azernews reports.
"This mechanism aims to act as a link between National andInternational Oil Companies, facilitating collaborative endeavorsfor global benefit."
Huseynov emphasized that participation in the North-SouthFinancial Mechanism will be open to all interested parties,including those initially hesitant to join. He explained thatmember parties of the mechanism will contribute to the Fund bytransferring funds based on the volume of fossil fuels they export,thereby becoming shareholders commensurate with theircontributions.
Key features of the North-South Financial Mechanism highlightedby Huseynov include financial stability through sustainable capitalinflow, allocation of funds for both concessional and commerciallyprofitable investments, and the generation of income forshareholders.
Azerbaijan is set to host COP29 in November, following thedecision made at COP28 in Dubai. This event is expected to drawaround 70,000–80,000 foreign guests to Baku. The UN FrameworkConvention on Climate Change, established at the Rio Earth Summitin 1992, aims to prevent harmful human interference in the climatesystem. The Conference of Parties (COP) serves as the principalgoverning body overseeing the convention's implementation, with 198countries as parties. COP events are typically held annually, withthe first one taking place in Berlin in 1995, and the convention'ssecretariat is located in Bonn.
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