BAKU, Azerbaijan, September 30. The World Bank (WB) and the International Finance Corporation (IFC) have invested $42 billion in climate financing last year, the head of the IFC representative office in Azerbaijan, Aliya Azimova, said at an international conference as part of the Baku Climate Action Week, Trend reports.
"Funding is essential to stimulate green development. Last year, the World Bank and the International Finance Corporation (IFC), which I represent, contributed a remarkable amount of $42 billion in climate financing. IFC accounted for more than half of the mobilization of private investments in low- and middle-income countries," Azimova stated.
She also pointed out the rapid pace of urbanization, noting that by the middle of the century, over 2.5 billion people are expected to live in cities by 2050. Currently, cities produce 70 percent of global greenhouse gas emissions, utilize 75 percent of natural resources, and generate 50 percent of the world's waste.
To note, Baku hosts Action Week ((BCAW 2024)) for the first time. The event will conclude on October 4, 2024.
The event forms the basis of the climate agenda ahead of COP29 in Baku in November. It brings together key stakeholders from a range of fields such as politics, finance, trade, investment, science, arts, culture, civil society, and media.
The main themes of the event are “energy transition," “cities and urbanized environments," “water security," “food and agriculture," "SMEs,” and “green skills.”
The first half of the week (from September 30 through October 2) will focus on climate solutions involving government agencies, academia, and the private sector. The second half (October 3-4) will focus on science, education, arts, culture, and other sectors.