BAKU, Azerbaijan, November 16. A session themed "Unpacking the global climate finance architecture: mobilizing resources and streamlining access to climate finance" at the COP29 Parliamentary Meeting organized jointly by the Inter-Parliamentary Union (IPU) and Azerbaijani Parliament has started in Baku, Trend reports.
The session will discuss parliamentary efforts to increase climate financing volumes and ensure its accessibility, particularly for developing countries.
The discussions will cover key changes in the global climate financing system, including the Loss and Damage Fund and the new Collective Quantified Goal (NCQG) for climate financing, which will be one of the main topics at COP29.
Parliaments from both developed and developing countries will have the opportunity to discuss how they can support these critical financial mechanisms to accelerate the mobilization and distribution of necessary resources, ensuring sufficient funding for countries most in need of assistance.
To note, the Parliamentary Meeting is being held in Baku within COP29 under the joint organization of the Inter-Parliamentary Union and Azerbaijani Parliament.
Sessions at the meeting are discussing the real impacts of climate change, the parliaments' role in making climate commitments a reality and raising mitigation ambition and implementing nationally determined contributions, unpacking the global climate finance architecture and mobilizing resources and streamlining access to climate finance, enhancing resilience in the face of climate change and scaling up adaptation and strengthening local empowerment.
The event is attended by IPU President Tulia Akson, Speaker of the Parliament of Azerbaijan Sahiba Gafarova, as well as IPU Vice President from Azerbaijan, MP Sevil Mikayilova.
