BAKU, Azerbaijan, November 14. Achieving our collective climate goals demands a rapid increase in financing, COP29 Lead Negotiator Yalcin Rafiyev said at a roundtable discussion on "Driving Transformative Climate Action: Shifting the Focus from Financial Inputs to Impact and MDBs' Catalytic Effect," Trend reports.
“Achieving our collective climate goals requires rapidly scaling up finance from all relevant sources for developing countries, with public finance playing a major role. Climate finance is a critical enabler for achieving the goals of the Paris Agreement, including low greenhouse gas emissions. However, based on reports, current financing is insufficient,” Rafiyev said.
According to him, tackling climate change requires not only significant financial resources but also a well-designed financial system that ensures sustainability, stability, and accessibility.
“The top priority of the COP29 negotiations is to agree on a new collective quantitative climate finance target that is adequate to the urgency and scale of the problem and takes into account the needs and priorities of developing countries,” he said.
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