BAKU, Azerbaijan, November 14. Azerbaijan's banking sector will allocate 2 billion manat ($1.1 billion) to finance sustainable and green projects by 2030, the President of the Azerbaijani Banks Association (ABA) Zakir Nuriyev said at a panel discussion on “Global Financial System: Scaling Up Financing for Climate Action” organized by the Central Bank of Azerbaijan, Trend reports.
“Azerbaijan's banking sector will allocate 2 billion manat ($1.1 billion) by 2030 in the country to finance sustainable and green projects that will contribute to Azerbaijan's transition to a low-carbon, sustainable economy," 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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