BAKU, Azerbaijan, April 18. Climate financing will be an important issue during the Spring Meetings of the World Bank (WB) and the International Monetary Fund (IMF) in Washington, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) Simon Stiell said on his social media page, Trend reports.
"Climate financing serves as an incentive for addressing climate change. The WB and IMF Spring Meetings in Washington this year mark a significant step toward establishing a credible and ambitious financial objective at the upcoming COP29 in Baku, Azerbaijan. This is crucial because meeting this target will necessitate reforms within the international financial system," he said.
The UN executive secretary says that climate action is not a cost or a burden; it is an investment in the future.
"The IMF and WB Spring Meetings in Washington are an opportunity to make real progress on all parts of a new climate finance agreement that everyone needs. Climate financing is an investment in the kind of society we want to live in," said Stiell.