(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 30. The International
Islamic Trade Finance Corporation (ITFC) is looking at contributing
to long-term goal of COP29 to be held in Azerbaijan, said Nazeem
Noordali, Chief Operating Officer of Trade Solutions Complex at
ITFC, in an exclusive interview with Trend .
"We're very pleased to see COP29 being held in countries like
Azerbaijan, because we have seen them being held all the time in
major economies, only recently in UAE. So, COP is moving away from
G20 countries. It's a very important milestone to connect COP with
Central Asia and Azerbaijan is a good gateway," he said.
Noordali noted that the ITFC is participating in the COP as part
of the IDB Group.
"COP is about looking at how to tackle climate change challenges
that everybody is facing in agriculture, water resources, energy.
ITFC's addressing climate change is an integral part of the
sustainability goal. ITFC is involved in sustainability initiatives
in many of our countries, be it in Africa, or in Asia, or in the
Gulf region. We started a few programs, and sustainability is part
of the TCCA+ program, which involves Central Asian countries and
Azerbaijan. ITFC is also working under the clean cooking initiative
in Kenya. We are looking at contributing to the long-term goal of
COP29, which is sustainability and green transition, including,
therefore, reducing carbon footprint," said the chief operating
officer.
He pointed out that ITFC looks at COP as a long-term vision that
it has.
"Because we're looking at scaling up green finance initiatives
and try to ensure that trade finance aligns with environmental
sustainability and climate resilience. We are here to promote, for
example, sustainable agriculture, any initiatives that will reduce
carbon emissions and foster clean energy transition. For example,
in the financing space, we will be very happy to provide a line
where the bank will be having customers focused on organic farming,
which is more sustainable. And this is something we can see more in
Central Asia," said Noordali.
He noted that ITFC will prefer financing of any other activities
aimed at reducing carbon or transition to a green or renewable
energy.
"That's what we call green financing initiative. This is how we
contribute to reducing carbon footprint. And then on the trade and
municipal side, our activities there will be around resilience and
sustainability," said the chief operating officer.
The 29th session of the Conference of the Parties to the UN
Framework Convention on Climate Change (COP29) will be held in
Azerbaijan in November this year. The decision was made at the
plenary meeting of COP28 held in Dubai on December 11 last
year.
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 stands
for Conference of Parties, which 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 determined by the parties, COP is held annually. The
inaugural COP event took place in March 1995 in the bustling city
of Berlin, Germany, with its secretariat nestled in Bonn.
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