BAKU, Azerbaijan, July 25. Azerbaijani Finance Minister Samir Sharifov addressed finance ministers of G20 countries on climate finance goals during an event titled "COP28-G20 Brazilian Financial Direction: Making Sustainable Finance Possible, Accessible, and Beneficial" in Rio de Janeiro, held within the meeting of finance ministers and central bank governors of the G20 countries, Trend reports.
Azerbaijan was represented at this meeting by a delegation led by Sharifov at the invitation of the COP28 presidency and the Finance Ministry of Brazil.
Speaking at the opening of the event on assessing the provision of sustainable financial resources in light of global climate change, he noted that responding to the global challenge posed by the growing climate crisis requires the creation of adequate and prompt financial provisions and also requires countries that signed the Global Climate Agreement (Paris Agreement) in 2015 to establish a financial mechanism that annually allocates climate financing from developed countries to developing countries.
According to him, despite the passage of much time since then, this issue remains on the agenda, making it even more pertinent to define and coordinate among agreement parties a New Climate Financial Goal to achieve the objectives of the Paris Agreement during the COP conference scheduled in Baku this year.
The Azerbaijani minister emphasized that COP29 in Baku will be a productive platform for defining a fair and ambitious new climate financing goal, meeting the climate development agenda needs of developing countries, and restoring trust in the Paris Agreement.
He highlighted the exceptional role of the G20 in setting this year's climate financing goal and called on G20 finance ministers to make additional efforts to harmonize their positions.
Emphasizing the need to mobilize additional financial resources to meet the climate financing needs of developing countries, Sharifov proposed a specially established working group on climate financing to invite Azerbaijan to work towards increasing the resource base of multilateral development banks during Brazil's G20 presidency, also suggesting G20 finance ministers prepare and present a special report to achieve this goal.
During his visit to Brazil, Sharifov held bilateral meetings with the Minister of Finance of Brazil, Fernando Haddad, the Minister of Environment and Climate Change, Marina Silva, as well as with the UAE Finance Minister Muhammad Al-Husseini, the Finance Minister of Indonesia and co-chair of the Coalition of Finance Ministers for Climate Action, Sri Mulyani Indrawati, COP28 Director General Majid Al Suwaidi, IMF Managing Director Kristalina Georgieva, and World Bank President Adjei Banga.
The meetings discussed cooperative relations between Brazil as G20 president and future COP30 chair, the UAE as COP28 president, and Azerbaijan as COP29 president, increasing the resource base of multilateral development banks, assessing the role of the G20 in defining and adopting a New Collective Quantitative Target for Climate Financing, enhancing private capital efficiency, ways to attract climate financing, and other issues related to the upcoming COP29 in Baku.
This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. The COP—the Conference of the Parties—is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Germany's Berlin, with its secretariat in Bonn.
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