The importance of adapting to climate action is evident,” said Mukhtar Babayev, the COP29 President-Designate, Minister of Ecology and Natural Resources of Azerbaijan at the Ministerial Conference on "Climate and Development" within the framework of "Pre-COP", APA reports.
He said that even though we manage to limit global warming by 1.5 degrees, we will have to deal with the serious effects of climate change around the world: “There are still clear gaps in financing and implementation of adaptation. From the Caribbean and Pacific to Africa, we are lagging behind in adaptation.”
Mukhtar Babayev pointed out that the COP29 Presidency has a plan to increase ambitions and activities this year: “We believe that this plan will ensure critical progress on all provisions of the Paris Agreement and climate finance. First, we need to step up ambition in climate plans to limit warming and manage the impacts of climate change. We call on all Parties to prepare National Adaptation Plans by 2025. Second, we must launch the means of implementation of plans. We must seek to expand climate finance from all sources. We need to significantly increase the availability of adaptation finance.”
The minister also noted that all the financing of adaptation cannot come from the public sector. He said that only 2% of adaptation financing currently comes from the private sector: “We call on private financial institutions to increase their investment in adaptation. We must also increase the availability of adaptation finance. Multilateral Development Banks and International Financial Institutions should play an important role in attracting private sector investments. We work with all organizations to increase scale, effectiveness and easy access to climate finance. We are also working with the Green Climate Fund and the Adaptation Fund to improve functionality for adaptation finance. Finally, we have implemented a robust process to launch a Fund to respond to damages and losses. We are now working with foundations and donors to convert goals into tangible contributions at COP29. As the COP29 Presidency, we are determined to fulfill our obligations as hosts and to make progress within the formal pathway of the UNFCCC process. We want the Climate Finance Action Fund to catalyze public and private sector funding for human development, farmers, cities, tourism, water, peace and climate initiatives, as well as mitigation and adaptation."
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