(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 25. Minister of
Finance of the Republic of Azerbaijan Samir Sharifov participated
in high-level events and meetings focused on climate financing
during the annual meeting of the International Monetary Fund (IMF)
and the World bank in Washington, USA, alongside a delegation from
COP29 led by Minister of Ecology and Natural Resources of
Azerbaijan, COP29 President Mukhtar Babayev, Trend
reports via Ministry of Finance.
The ministry reported that the IMF hosted an event on October 22
under the title "International Sustainable financial Architecture:
Maintaining Momentum and Ambition to Achieve Results between COPs".
Azerbaijan, the United Arab Emirates (UAE), and Brazil jointly
organized the gathering to explore opportunities for increasing
climate finance.
“Speaking at the opening of the event, which featured the
Executive Secretary of the United Nations Framework Convention on
Climate Change (UNFCCC) Simon Steele and IMF Managing Director
Kristalina Georgieva, Finance Minister Samir Sharifov emphasized
the urgent need for a fair and ambitious new collective
quantitative goal for climate finance (NCQG) by the end of this
year. He stressed that this goal must address the needs of
developing countries in their fight against climate change.
Sharifov urged G20 finance ministers to collaborate on the NCQG and
highlighted the necessity of expanding the resource base of
multilateral development banks for climate financing.
During the annual meeting, Sharifov also participated in
discussions with the COP29 delegation, including meetings with
Kristalina Georgieva, Asai Banga, the President of the World Bank
Group, Masatsugu Asakawa, the President of the Asian Development
Bank, and Axel von Trotsenburg, the Director General for
Development and Cooperation of the World Bank Group. They addressed
COP29's expectations from international financial institutions and
explored opportunities to enhance climate finance. Additionally,
Sharifov participated in the twelfth meeting of the Coalition of
Finance Ministers on Climate Action, where Azerbaijan is a member
this year, and contributed to the presentation of the Brazilian
Investment Platform for Climate and Environmental Transition
(BIP).
Sharifov also attended a meeting of the Gulf Cooperation
Council, organized within the annual IMF and World Bank meetings,
which included finance ministers and central bank governors from
the Caucasus and Central Asia. The discussions focused on the
current state of trade and financial flows between the two regions,
the challenges impeding cooperation, and potential solutions. In
his address, Sharifov identified opportunities to enhance
collaboration in trade and investment, underscoring the importance
of fostering mutual investment and facilitating the free movement
of labor while also advocating for a balanced, "soft" energy
transition and the adoption of innovative financial
instruments.
During his visit to Washington, Sharifov held bilateral meetings
with Serhat Koksal, President of the Black Sea Trade and
Development Bank; Lyudmila Petkova, Bulgaria's Deputy Prime
Minister and Minister of Finance; and IMF Managing Director Marcel
Peter along with Deputy Patrick Loshevsky, where they discussed
avenues for cooperation," the ministry statement said.
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