15:42 - 14.11.2024

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November 14, Fineko/abc.az. This week, leading multilateral development banks predicted that by 2030, annual collective climate finance will reach $170 billion.

ABC.AZ reports that the statement was made by Minister of Ecology & Natural Resources of Azerbaijan Mukhtar Babayev at the event "Climate Platform for Business, Investment & Philanthropy COP29", organized jointly with the Azerbaijan Export & Investment Promotion Agency (AZPROMO) in Baku within the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29).

The minister said that of those finances, $49 billion will be directed for adaptation of financing:

"Every contribution is welcome, but there is still a gap between where we are and where we should be. While consultations with a number of stakeholders are important, the private sector should also be involved in key sectors of the economy.

The main priority of the COP29 Chairmanship in the performance negotiations is to agree on a new fair and ambitious climate finance goal that meets the needs and priorities of developing countries. In this context, we want the private and charitable sectors to also focus on how they can support the ambitions of developing countries."