BAKU, Azerbaijan, November 14. Innovative solutions in the field of climate finance will provide the necessary tools to facilitate climate investments of the private sector, the Chairman of the Central Bank of Azerbaijan Taleh Kazimov said during a panel discussion on “Global Financial System: Scaling Up Financing for Climate Action” in Baku, Trend reports.
“Innovative climate finance solutions will provide the necessary tools to facilitate private sector climate investments. Data shows that emissions continue to rise. In 2023, global greenhouse gas levels reached the highest level ever recorded. The High-Level Panel on Climate Finance estimates that developing countries need $2.4 trillion annually to reduce emissions by 42 percent. This financing is needed for energy transition, adaptation, building resilience, and rebuilding natural capital,” he said.
To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. 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 in the climate system.
A total of 198 countries are Parties to the Convention. Unless the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
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