BAKU, Azerbaijan, June 4. Azerbaijan and Brazil are jointly developing the program 'From Baku to Belem' aimed at increasing the climate finance target from $300 billion to $1.3 trillion, the representative of the President of Azerbaijan on climate issues, the President of COP29, Mukhtar Babayev said at the Baku Energy Forum, Trend reports.
Babayev noted that a historic result was achieved at COP29 - financing for $300 billion was agreed upon.
"A large-scale program was also approved at COP29 - 'From Baku to Belem': from $300 billion to $1.3 trillion from various sources. Together with the Brazilian team, we are working on the preparation of this program. This means that we need to determine what additional sources of financing can be attracted to implement the climate agenda," he also said.
According to him, in addition to government sources, it is necessary to involve others: international development banks, international financial institutions, the private sector, philanthropy, and others. South-South cooperation also plays an important role.
"We need to pay attention to active South-South cooperation because, for example, China, Saudi Arabia, and other countries in the developing world are also funding 'green' projects in various countries of the Global South. Therefore, now is an extremely important period for us - the intense and difficult work of preparing this roadmap," Babayev emphasized.
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