BAKU, Azerbaijan, October 3. COP29 will give the necessary impetus to green finance, Chairman of the Management Board of PASHA Bank Javid Guliyev said during a roundtable discussion on "Creating the Highway for Private Finance" at ADA University, Trend reports.
“COP29 will provide essential momentum for green financing, enhancing its accessibility for not just large corporations and state-owned enterprises but also for small and medium-sized enterprises,” he noted.
According to Guliyev, for quite some time, Azerbaijan's banking sector has been strongly behind green finance initiatives.
“The banking sector encourages the acquisition of eco-friendly vehicles. Prior to COP29, a substantial quantity of new electric buses had been acquired for deployment on the streets of Baku. In the agricultural sector, it is evident that the banking industry funds technological innovations, like drip irrigation systems. Drip irrigation is now both a crucial practice and a legal obligation for companies operating in the context of the country's prevailing water constraint,” he added.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held in Azerbaijan in November this year. The decision was made at the plenary meeting of COP28 held in Dubai on December 11 last year. Within two weeks, Baku, having become the center of the world, will host about 70,000-80,000 foreign guests.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for Conference of Parties, which is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the convention. Unless the parties have decided otherwise, COP is held annually. The first COP event was held in March 1995 in Germany's Berlin with its secretariat in Bonn.