BAKU, Azerbaijan, October 1. Last year, Multilateral Development Banks (MDBs) allocated a record $125 billion in climate finance worldwide, Director of Resilience & Climate Action Department from the Islamic Development Bank Syed Husain Quadri said at the international conference as part of the Baku Climate Action Week (BCAW 2024), Trend reports.
"Out of this amount, $25 billion accounted for climate change adaptation," he noted.
According to him, when financing, the MDBs focus on projects aimed at more efficient water resource management, with an emphasis on initiatives promoting the rational use of water in arid regions.
"The second direction is supporting sustainable agriculture, including projects that contribute to the development of resilient crop varieties. And finally, the third priority is strengthening early warning systems to reduce the risks of natural disasters," he emphasized.
To note, Baku is hosting the Action Week for the first time from September 30 to October 4, 2024.
The event will form the basis of the climate agenda ahead of COP29 in Baku in November.
The BCAW 2024 will bring 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.
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