BAKU, Azerbaijan, November 21. Germany and Europe continue to be steadfast partners in international climate financing, German Foreign Minister Annalena Baerbock said at a press conference as part of the COP29 in Baku, Trend reports.
"We, as Germany and Europe, are working on a new approach to international climate finance to create an efficient climate investment system. Yes, we are talking about significant amounts. And when it comes to large sums, negotiations are always complex and require even greater persistence. That is why it is crucial to examine the details carefully. But let me emphasize this: Germany and Europe remain reliable partners in international climate financing," the minister said.
Baerbock stressed that the costs associated with the global energy transition and adaptation measures are so substantial that their successful implementation requires collective effort. Countries that are among the largest emitters of CO2 must also reduce their greenhouse gas emissions and contribute to international climate finance.
"The same applies to development banks, which are needed today more than ever, and their work should be focused on these tasks. This also applies to global financial institutions like the World Bank and the International Monetary Fund," she added.