BAKU, Azerbaijan, April 4. The European Bank for Reconstruction and Development (EBRD) is ready to assist Azerbaijan in hosting COP29, a source in the bank told Trend.
According to the source, citing the Head of EBRD in Azerbaijan, Nataly Mouravidze, 2024 is already shaping up to be a very important year for the bank's local branch.
"We kicked off the year with a sizeable loan to the Azerbaijani Shipping Company to boost regional connectivity. Some exciting projects are already being finalized with financial institutions, while preparations for COP29 are well underway. As Azerbaijan’s steadfast partners in its green agenda, we're committed to helping make this milestone event a success," Mouravidze said.
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 UN 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 parties 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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