BAKU, Azerbaijan, November 20. The transformation of the Middle Corridor into a regional green corridor is fully in line with the mandate of the Asian Infrastructure Investment Bank, Director of investment at the Asian Infrastructure Investment Bank (AIIB), Olivier Oudin said at a panel discussion on “Pathways to Sustainable Connectivity: Efforts of CICA & its Member States, and Regional Organizations in Asia for Secure, Effective and Climate-Resilient Transportation Corridors” in Baku today, Trend reports.
“The transformation of the Middle Corridor into a regional green corridor is fully in line with the mandate of the Asian Infrastructure Investment Bank, and we stand ready to support Azerbaijan in modernizing the corridor to make it a key and reliable transport route for markets in Asia and Europe. We are ready to cooperate with our other development partners, such as ADB, CARES, and the EU, to achieve this objective,” he said.
To note, the Middle Corridor is a trade and transport route linking Asia and Europe, passing through several countries in the region as an alternative to the traditional Northern and Southern Corridors.
The route starts in China, passes through the Central Asian countries of Kazakhstan, Uzbekistan, and Turkmenistan, then crosses the Caspian Sea and covers Azerbaijan, Georgia, and Türkiye before reaching Europe.
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 Presidency 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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