(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 6. The European bank for
Reconstruction and Development (EBRD) stands ready to collaborate
closely with Azerbaijan to ensure COP29 is a successful and
impactful event, advancing our shared goals of sustainability and
climate action, Alkis Vryenios Drakinos, Director, Regional Head of
the Caucasus for the EBRD, told Trend .
"Our team in Baku, but also those spread across our different
countries will be supporting Azerbaijan in leveraging the
opportunity presented by the conference to mobilize green finance
on a national, regional, and global scale," he said.
Drakinos pointed out that Azerbaijan's role in advancing climate
action and sustainability goals is becoming increasingly
significant.
"The country has taken a pole position in the Caucasus when it
comes to deploying utility-scale solar and wind energy generation
capacity, and the EBRD has been instrumental in facilitating this.
As the largest institutional investor in Azerbaijan, and the
climate finance leader in the region, we are a natural partner for
Azerbaijan's ambitious decarbonization agenda," the official
noted.
The EBRD rep reminded that the bank has recently financed the
first utility-scale privately owned wind power plant in the
Absheron and Khizi regions, following investment in the first
utility-scale solar power plant in Garadagh last year.
"We're also enhancing energy efficiency in Ganja under our
flagship Green Cities program. On the policy front, our
collaboration on renewable energy auctions has led to the planned
development of a solar power plant project in Garadagh. We now want
to help carry this momentum forward and we believe that COP29 is a
great opportunity," Drakinos concluded.
Azerbaijan will host the 29th session of the Conference of the
Parties to the UN Framework Convention on Climate Change (COP29) in
November this year. The decision was made at the plenary meeting of
COP28 held in Dubai on December 11 last year. Within two weeks,
Baku, having become the center of the world, will host about
70,000-80,000 foreign guests.
The UN Framework Convention on Climate Change is an agreement
signed at the Rio Earth Summit in June 1992 to prevent dangerous
human interference in the climate system. The acronym COP
(Conference of Parties) stands for Conference of Parties, which is
the highest legislative body overseeing the implementation of the
Framework Convention on Climate Change.
The parties to the convention are 198 countries. Unless the
parties have decided otherwise, COP is held annually. The first COP
event was held in March 1995 in Germany's Berlin, and its
secretariat is located in Bonn.
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