(MENAFN- AzerNews)
Nazrin Abdul Read more
This November, Azerbaijan will take centre stage as it hosts the29th session of the conference of the Parties to the UN FrameworkConvention on Climate Change (COP29). As the largest internationalevent of its kind, COP29 signifies a significant task andresponsibility for the global community in addressing climatechange.
The financial imperative for implementing large-scale climateprojects continues to escalate each year. During extensivenegotiations, countries advocate for financial support acrossvarious sectors, including climate mitigation, adaptation, andresilience. Notably, pledges to create a $100 billion fundunderscore the urgency of financing solutions.
On May 1, President Ilham Aliyev highlighted the pivotal role offinancial resources in tackling climate challenges at the WorldIntercultural Dialogue Forum. COP29 is poised to prioritise thiscrucial topic.
At the workshop on strengthening capacity in the preparation ofBiennial Transparency Reports held on May 13, 2024, the regionalcoordinator of COP29, the representative of the UN DevelopmentProgram, Nuri Ozbaghdati, emphasised the importance of financing inthe fight against climate change.
It should be noted that the Coalition of Finance Ministers forClimate Action is operating in order to mobilise financialresources for the acceleration of measures related to climatechange.
Furthermore, Azerbaijan's Minister of Ecology and NaturalResources, Mukhtar Babayev, called for collaboration within theCoalition of Finance Ministers for Climate Action to ensure asuccessful COP29 at the 11th meeting of the coalition held on April18, 2024.
This coalition, comprising about 100 countries and globalinstitutions like the World Bank and UN agencies, aims to mobilisefinancial resources for climate initiatives worldwide.
In his comment to Azernews , Ayaz Museyibov,advisor to the executive director of the Centre for Analysis andCommunication of Economic Reforms, emphasised the significance ofmulti-stakeholder engagement in climate action.
"The more platforms and stakeholder participation are ensured,the more 'ownership' and 'responsibility' indicators there are inclimate-related issues."
Cooperation with the coalition offers a platform for diversecountries with varying development needs to unite in combatingclimate change and utilising financial resources effectively.
"Cooperation in these issues allows states and parties withdifferent development characteristics and therefore also intereststo unite within a platform for the distribution and use offinancial resources to combat and adapt to climate change."
Cooperation with the Coalition of Finance Ministers for ClimateAction can also contribute to the effective use of financialresources for the fulfilment of global climate commitments, heemphasised.
"Consider that this coalition comprises approximately 100countries and prominent global institutions such as the World Bank,International Monetary Fund, Asian Development Bank, EuropeanInvestment Bank, UN agencies, Organization for Economic Cooperationand Development, among others. These institutions representdeveloped countries with significant financial resources and globalinfluence."
Azerbaijan's potential membership in the coalition signifies itscommitment to global climate efforts. This collaboration alignswith the COP29 Conference's mission to encourage new commitmentsand concrete actions towards addressing the climate crisis.
Moreover, COP29 provides a platform for Azerbaijan to showcaseits vision for regional security, energy transition, and greengrowth. Initiatives such as creating green zones in Karabakh anddeveloping wind and solar energy projects demonstrate Azerbaijan'sdedication to sustainable development and its contribution toglobal climate discussions.
In essence, Azerbaijan's active participation in COP29 andcollaboration with the Coalition of Finance Ministers for ClimateAction reaffirm its commitment to building a resilient andsustainable future for generations to come.
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