(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 16. Economy Minister
Mikayil Jabbarov met with President of the Asian Infrastructure
Investment bank (AIIB) Jin Liqun in the framework of COP29,
Trend reports via Azerbaijan's Ministry of
Economy.
The Minister said Azerbaijan has been cooperating with the bank
since 2016, and our country attaches great importance to this
partnership. It was also noted the support provided by the Bank to
the development of infrastructure in member countries.
Moreover, the work carried out in our country to ensure
sustainable development, including the transition to a green
economy and promotion of green energy, was informed. Information on
priority projects within the framework of cooperation with the bank
was also presented.
President of AIIB Jin Liqun drew attention to the measures taken
by the presented structure in the direction of stimulating economic
growth and infrastructure development in the Asian region, noted
the Bank's fruitful ties with Azerbaijan, and shared his opinion on
the possibilities of partnership development.
The meeting discussed the main areas of potential cooperation
between the parties and priorities for further activities of AIIB
in Azerbaijan, including promising projects on green energy and
infrastructure development.
To note, the 29th session of the Conference of the Parties to
the UN Framework Convention on Climate Change (COP29), which will
run until November 22, opened at the Baku Olympic Stadium on
November 11. It is the largest event organized by Azerbaijan to
date, and the first time in the region that it is being held in
Azerbaijan.
Within COP29, the highest level event - the summit of world
leaders on climate action – was held on November 12–13.
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.
In addition to being a top priority that creates the conditions
for action, creating climate finance will also help fulfill the
1.5°C pledge by bringing everyone together.
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” 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 Berlin, and its secretariat is
located in Bonn.
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