Azerbaijan Strives To Reel In All Sources For Climate Finance - Minister

10/11/2024 5:10:26 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 11. Azerbaijan seeks to attract all sources to climate finance, Minister of Ecology and Natural Resources of Azerbaijan, COP29 President Mukhtar Babayev said at the panel session within the framework of Pre-COP29 in Baku, Trend reports.

The Minister pointed out that the door to financing should be swung wide open.

“We persist in advocating for augmented contributions to the Green Climate Fund; yet, we concur that not all funding can originate from the public sector. Merely two percent of climate change adaptation financing presently originates from the business sector. Multilateral development banks and international financial institutions are crucial in mobilizing private sector investment. We are collaborating with these groups to optimize the scale, efficiency, and accessibility of climate funding,” Babayev added.

Baku hosts the second day of Pre-COP29.

The second day of the event is set to be a real mixed bag, with plenary sessions and side events lined up.

The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held this November in Azerbaijan. The decision was made at the plenary meeting of COP28 held in Dubai on December 11 last year. Within two weeks, Baku will become the center of the world and will host about 70-80,000 foreign guests.

The UN 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 in the climate system. The abbreviation COP (Conference of Parties) means“Conference of Parties” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.

A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Germany's Berlin with its secretariat in Bonn.

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