BAKU, Azerbaijan, May 17. Private sector should engage in green economy transformation, Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said at the “Enhancing Ambition, Enabling Action: COP29 Sustainable Business Forum” event on May 17, Trend reports.
"The private sector as well as all other sectors should engage in the green economy transformation, requiring proper regulation; in particular, it is necessary to identify potential risks and conflicts,” he emphasized.
According to him, now the global economy, like the economy of Azerbaijan, is faced with problems associated with climate change, the consequences of which must be eliminated.
"We are honored to host such an event. COP29 is a high-level discussion platform for world powers," he added.
He also mentioned that the CBA is taking measures to stimulate green financing and strengthen the bank's participation in regulating energy efficiency initiatives.
To note, this November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.
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 with the climate system. COP - the Conference of the Parties - is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
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