BAKU, Azerbaijan, November 16. Accelerated 'green' transition demands boosting finance, Finnish MP Krista Mikkonen said during 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.
"We need more funding to accelerate the 'green' transition. The longer we delay, the more difficult it becomes. We risk losing important parts of the economy. We know that countries have significant opportunities, and wealthier states must help the less developed ones, but this is no excuse for developing economies to avoid their responsibility," she explained.
According to Mikkonen, many countries that were considered less developed in the 1990s now have strong and growing economies and must also reduce their emissions.
"This applies to all G20 countries and all EU nations. And when it comes to the climate threat, a huge amount of money is required. This means we need not only government funding but also the mobilization of private sector resources," the speaker emphasized.
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.
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