BAKU, Azerbaijan, November 16. Economy Minister Mikayil Jabbarov met with President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun in the framework of COP29, Trend reports via Azerbaijan's Ministry of Economy.
The minister said Azerbaijan has been cooperating with the bank since 2016, and our country attaches great importance to this partnership. It was also noted the support provided by the Bank to the development of infrastructure in member countries.
Moreover, the work carried out in our country to ensure sustainable development, including the transition to a green economy and promotion of green energy, was informed. Information on priority projects within the framework of cooperation with the bank was also presented.
President of AIIB Jin Liqun drew attention to the measures taken by the presented structure in the direction of stimulating economic growth and infrastructure development in the Asian region, noted the Bank's fruitful ties with Azerbaijan, and shared his opinion on the possibilities of partnership development.
The meeting discussed the main areas of potential cooperation between the parties and priorities for further activities of AIIB in Azerbaijan, including promising projects on green energy and infrastructure development.
To note, 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. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest level event - the summit of world leaders on climate action – was held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
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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