BAKU, Azerbaijan, November 14. Potential donors have shown growing interest in the Climate Finance Action Fund, said Yalchin Rafiyev, COP29 Chief Negotiator, at a press conference as part of the ongoing conference in Baku, Azerbaijan, Trend reports.
"The Climate Finance Action Fund is one of our 14 current initiatives. When we announced its creation, we clearly outlined the process we intend to follow," he said.
Rafiyev laid it all on the line, stating that the fund is gunning to be a game changer for developing countries, riding the wave of a fresh concept.
"To ensure an inclusive process in developing this concept, we decided to include potential donor countries in the working group. At this COP, we announced that our working group is preparing the conceptual document for the fund," he added.
The COP29 Chief Negotiator recognized that the establishment of the fund is a multifaceted endeavor that requires time, yet underscored that substantial advancements are being made.
"We are actively working on this and collaborating closely with all potential donors. We see considerable interest from both developing and developed countries, as well as from the public and private sectors. These stakeholders are encouraging us to continue our efforts to establish and launch the fund as soon as possible," he said.
The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11.
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” and 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 otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
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