BAKU, Azerbaijan, November 16. Developing countries need more funding to fight climate change, Financial Advisor on Partnership and Development of the UN Resident Coordinator's Office in Azerbaijan Shamsiyya Mustafayeva said, Trend reports.
She spoke at the II Baku Forum on Sustainable Development.
"Developed countries annually allocate $100 billion to help developing countries fight climate change, but now we see that we actually need from $4 to $6 trillion for this purpose," she emphasized.
Mustafayeva stated that high interest rates for these countries could result in onerous debt repayment terms.
"Developing countries are giving away every dollar." They will have to spend eight times as much to repay the debt," she added.
The II Baku Forum on Sustainable Development is aimed at strengthening the experience exchange and cooperation with regional countries and international organizations in the implementation of the UN 2030 Agenda.
The event is attended by high-ranking officials from Europe and CIS countries, representatives of the UN, international financial and regional organizations, government institutions, representatives of civil society and private sector, as well as experts.
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