Mdbs Have Crucial Role To Play In Mobilizing Climate Finance - African Development Bank

11/14/2024 2:12:57 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 14. Multilateral development banks (MDBs) have a crucial role to play in mobilizing climate finance, the President of the African Development Bank Group Akinwumi Adesina said during a roundtable discussion on “Driving Transformative Climate Action: Shifting the Focus from Financial Inputs to Impact and MDBs' Catalytic Effect” at COP29, Trend reports.

“The Global Stocktake (GST) in the UAE has put us all on a more ambitious path to combat climate change. A decision has been taken to triple the use of renewable energy, double energy efficiency, and stop deforestation by 2030. Nevertheless, the amount of climate finance needed to fight climate change ranges from $5 trillion to $11 trillion, with an average of $8 trillion. Multilateral development banks have a crucial role to play in mobilizing climate finance,” he said.

To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. The United Nations 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.

A total of 198 countries are Parties to the Convention. Unless the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.

The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.

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