UNEP Outlines Need In Blended Finance To Address Challenges In Caspian Sea

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 8. A blended finance approach combining different sources of funding is needed to address the climate challenges facing the Caspian Sea, Runze Wang, Programme Manager at the UN-Habitat office in Azerbaijan, said, Trend 's correspondent reports from the event.

He made the remarks during the panel session titled“Climate change challenges on the inland water bodies: Caspian Sea case” held as part of Baku Climate Action Week 2026.

“This is a multi-country and transboundary issue. Therefore, financing is needed through the use of various potential sources of funding,” Wang said.

He noted that the United Nations Environment Programme (UNEP) is working to mobilize resources from climate funds, including the Adaptation Fund.“As already mentioned, we have mobilized $10 million for projects planned to be implemented specifically in three cities, with the funds to be used over a four-year period,” Wang said.

According to him, the scale of challenges facing the Caspian Sea is beyond the capacity of any single partner to address alone. “This is not a small issue that can be resolved by one partner alone. Therefore, within this process, we plan to cooperate with international financial institutions (IFIs) and a broader range of stakeholders, as well as expand countries' access to available climate funds,” Wang said.

He added that the maximum amount of financing allocated to an individual country from the Adaptation Fund has also been increased.“Once we identify the main challenges related to the Caspian Sea, we will consider opportunities for implementing the second and third phases for the country,” the programme manager said.

The second day of the Fourth Climate Week of the UN Framework Convention on Climate Change (UNFCCC) is currently being held in Baku.

The second day focuses on sustainable cities, transport, water resources and agriculture.

Representatives of governments, international organizations, expert communities, financial institutions, the private sector and civil society are taking part in the events.

Baku Climate Action Week (BCAW 2026), held for the third time this year, is being organized for the first time in parallel with the UNFCCC Climate Week. The Fourth Climate Week and Baku Climate Action Week feature a series of sessions, panel discussions and other events focused on combating climate change, climate finance, sustainable development and accelerating climate action.

Baku Climate Action Week 2026 will continue until September 11.

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