BAKU, Azerbaijan, April 3. Azerbaijan and the Asian Development Bank have discussed potential financing opportunities aimed at addressing climate change challenges, Trend reports.
“During the meeting with Eugene Zhukov, the Director General of the Central and West Asia Regional Department of the Asian Development Bank (ADB), we engaged in discussions regarding the agenda items concerning Azerbaijan's cooperation with ADB,” Azerbaijan’s minister of economy Mikayil Jabbarov.
The minister pointed out that these issues include exploring potential financing opportunities aimed at addressing climate change challenges, reviewing ADB's planned projects within COP29, activities and in the realm of global climate policy and identifying potential areas for partnership and collaboration.
Current ADB operations are being implemented under the country partnership strategy, 2019–2023, which aims to boost private sector development, raise public sector efficiency, improve infrastructure, and strengthen human capital. The strategy is closely aligned with the government’s strategic road maps for the national economy and main economic sectors.
Azerbaijan will host the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) this November. This decision was reached during the COP28 plenary meeting held in Dubai on December 11, 2023. In less than two weeks, Baku is poised to become the epicenter of global climate discussions, welcoming an estimated 70,000 to 80,000 foreign delegates.
The United Nations Framework Convention on Climate Change, established during the Earth Summit in Rio de Janeiro in June 1992, aims to avert perilous human interference with the climate system. COP, an acronym for Conference of Parties, signifies the highest legislative authority overseeing the Convention's implementation. Currently, 198 nations are party to the Convention. By default, COP sessions are convened annually unless otherwise decided by the participating parties. The inaugural COP convened in March 1995 in Berlin, with its secretariat headquartered in Bonn.
As Azerbaijan prepares to host COP29, it assumes a pivotal role in advancing global efforts to address climate change, underscoring the urgency and importance of international cooperation in combating environmental challenges.
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