BAKU, Azerbaijan, November 11. The responsibility for climate finance lies with those who have caused and continue to exacerbate the crisis, said Claire Miranda, a representative of the Asian Peoples' Movement on Debt and Development (APMDD), at a press conference titled "Preservation and Use of Cultural Heritage: Key to Opening the Shanxi Transition" within COP29 in Baku today, Trend reports.
Miranda noted that climate financing is a form of payment for the enormous climate debt owed by the Global North to the Global South.
"Climate financing should be seen as a way to settle this debt, and it must come in the form of public grants, not loans. It will not be a payment if it needs to be repaid or if the creditor profits from it.
Our demand for justice will ensure that our voices are heard loud and clear. They will have no choice but to meet us face-to-face," Miranda added.
COP29 has officially started today in Baku. The event, which will take place from November 11 through 22, will bring together world leaders, politicians, and climate experts to discuss the pressing issues of climate change. Climate finance, emission reduction targets, and global cooperation are on the agenda. It is expected that the results of COP29 will have a significant impact on the formation of the future climate strategy of the planet.