BAKU, Azerbaijan, November 14. Financing developing markets and emerging economies requires more involvement of the private sector, President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso said during a roundtable on "Driving Transformative Climate Action: Shifting the Focus from Financial Inputs to Impact and MDBs' Catalytic Effect" in Baku today, Trend reports.
"We need to mobilize the private sector to ensure annual financing of over $2 trillion for developing markets and economies in transition by 2030.
In this regard, we recently launched a joint program aimed at strengthening coordinated support for these countries in developing strategic climate plans. These plans include long-term strategies, nationally determined contributions, national adaptation plans, and other policy tools at both sectoral and sub-national levels.
Relying on market mechanisms, they can help create platforms for climate action and sustainable development under the leadership of the countries.
This is one of the steps we presented at the COP conference within the framework of the IFI [international financial institutions] system. We have published our shared vision and further action plan for the development of national platforms," she added.
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