BAKU, Azerbaijan, February 27. The United Nations Development Programme (UNDP) is organizing a series of events involving Azerbaijani representatives to evaluate the influence of fiscal risks associated with climate change on decision-making regarding both public and private investments, Trend reports, referring to the UNDP office in Baku.
"UNDP developed technical recommendations for assessing the budgetary consequences of climate change on investment planning as part of the National Adaptation Plan (NAP) project. These recommendations were discussed during a workshop in Baku as part of a series of similar activities," UNDP Azerbaijan said.
The discussions were attended by UNDP climate finance expert Jennifer Jadin, Azerbaijan's national climate finance expert Rashad Hasanov, representatives of the scientific community, and the country's civil society.
"Climate finance plays a crucial role in addressing both climate change mitigation and adaptation initiatives. We contend that substantial investments from diverse sources can contribute significantly to reducing greenhouse gas emissions," UNDP Azerbaijan added.
The workshops conducted by UNDP aim to introduce participants to the tools and planning methods employed in climate finance.
"The UNDP's technical guidance serves as the foundation for quantifying and managing fiscal risks associated with climate change. This assessment holds significance in Azerbaijan's planning and decision-making processes regarding both public and private investments. A comprehensive three-day workshop is in the planning stages to delve deeper into this theme," the country's UNDP office said.
Climate finance will be the main topic of the upcoming COP29 in Baku on November 11–22.