BAKU, Azerbaijan, November 15. The COP29 Presidency has made efforts to bring together all relevant stakeholders to drive progress in climate action, said Yalchin Rafiyev, Azerbaijan’s Deputy Minister of Foreign Affairs and COP29 Chief Negotiator, Trend reports.
Speaking at a press conference at the COP29 conference, Rafiyev highlighted key developments, including a new $3.5 billion program by the Asian Development Bank to support disaster response and climate adaptation efforts.
"The banking sector in Azerbaijan has ramped up support for a just transition, making the right investments to build sustainable policies. The Central Bank of Azerbaijan has introduced a new green taxonomy for sustainable investments. The COP29 Presidency has worked hard to unite all interested parties to make real progress on addressing climate challenges," 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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