BAKU, Azerbaijan, November 20. Investments in modernization, digital connectivity, and regional cooperation play a crucial role in removing bottlenecks along the Middle Corridor with its great potential, Deputy Director of ADB Central and West Asia Department Xiaohong Yang said at the COP29 High-Level Ministerial Roundtable on Sustainable and Digital Middle Corridor and Beyond today, Trend reports.
"The Middle Corridor, also known as CAREC Corridor No. 2, is being developed under the CAREC program, supported by the Asian Development Bank (ADB) and several other international partners. Since 2001, investments under this program have reached $51 billion, covering 276 regional projects over the past 24–25 years. The largest investors include the ADB, the World Bank, and the European Bank for Reconstruction and Development," she explained.
According to her, attracting new investors is crucial for further development.
"The largest share of CAREC project investments goes to transport—67 percent, while the energy sector accounts for 25 percent, and trade facilitation and trade policy make up only 2.7 percent," she added.
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.
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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