BAKU, Azerbaijan, November 11. The access of small economies to finance is a critical element of the COP29 negotiations, said John Podesta, Senior Advisor to the US President for International Climate Policy, in response to a question from Trend during a briefing at COP29 in Baku
“We've spent a lot of time discussing what $100 billion and above is the amount of support for the new collective quantitative goal (NCQG). However, there is also very important work that needs to be done to improve access to funding," he said.
Podesta noted that the US has worked with international financial institutions, including the climate funds, to make sure that they have streamlined their processes and that they are providing the necessary assistance to make sure that these countries and these economies can access these funds.
"Oftentimes, even where there is an opportunity to get support for the process, the process itself is so encumbered that especially smaller countries can't access it. So this is something that we think is a critical element of the negotiations, and hopefully in this, as we move towards trying to formulate a final version of the new NCQG, access will be once and for all ensured around the world,” he said.
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