BAKU, Azerbaijan, November 12. The banking sector of Azerbaijan will present its financial commitments at COP29, the Chairman of the Central Bank of Azerbaijan Taleh Kazimov told reporters, Trend reports.
"The Central Bank of Azerbaijan, in collaboration with the financial sector, will hold three events where the financial obligations that banks are undertaking to finance the 'green' transformation in Azerbaijan will be announced. I believe this will be a significant event, as the banking sector will declare specific financial commitments it is prepared to fulfill by 2030," the chairman said.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) has started in Baku. The decision was made at the plenary session of COP28 held in Dubai on December 11 last year.
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.