BAKU, Azerbaijan, November 20. Multiple areas were identified for work along the Middle Corridor, Regional Director for the Caucasus, European Bank for Reconstruction and Development (EBRD) Alkis Vrienios Drakinos said at the COP29 High-Level Ministerial Roundtable on Sustainable and Digital Middle Corridor and Beyond today, Trend reports.
"The EBRD is present in all the countries of the Middle Corridor. Through our extensive network, we seek opportunities to collaborate with governments, transport infrastructure operators, and cargo owners to identify ways of working together, align national and regional priorities, and turn them into projects," he said.
According to the EBRD representative, numerous areas for development in the Middle Corridor have been identified, both in terms of 'hard' infrastructure and 'soft' connectivity.
"As a financial institution, we are ready to cooperate and implement our intentions," Drakinos added.
To note, the Middle Corridor is the shortest route for goods from China to Europe, passing through Central Asia and the Caspian Sea and then through the South Caucasus and Türkiye.
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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