BAKU, Azerbaijan, November 14. New World Bank financial measures could enable more than $150 billion in additional financing over 10 years, the World Bank's Vice President for Sustainable Development Juergen Voegele said during a panel discussion on "Global Financial System: Scaling Up Financing for Climate Action, Trend reports.
“Developing countries will need $2.4 trillion annually through 2030 to reduce carbon emissions and prepare for future risks. Countries, people, economies, and companies are facing difficult times. That is why we need to act. That could be my message on behalf of the World Bank.
We allocated $43 billion to developing countries last year. This is one of the largest supports for developing countries in terms of climate finance compared to other funds. The World Bank has introduced new instruments such as climate-resilient debt terms. Countries, especially small island nations, really need help when they face disasters. So far, we have agreements with 14 countries. These countries will be able to postpone or reduce debt payments if they face a disaster. This provides a lot of support,” he emphasized.
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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