Progress has been achieved in the area of climate finance within the framework of the COP29 event held in Azerbaijan, said the Deputy Minister of Ecology and Natural Resources, Umayra Taghiyeva, during the “D-8 High-Level Climate and Urban Dialogue” event, APA-Economics reports.
She noted that the parties reached an agreement to triple climate finance for developing countries.
“From the previous $100 billion, it will be increased to $300 billion annually by 2035. At the same time, it was decided to mobilize $1.3 trillion annually from public and private sources. The Baku Climate Finance Target will serve to protect the most vulnerable countries, expand clean energy, create more jobs, boost stronger economic growth, and ensure access to energy.
On the other hand, the carbon market mechanism has been fully launched. This is very good news for developing countries, as it opens the door to new financial flows through carbon credits.”
U.Taghiyeva said that adaptation was brought to the forefront within the framework of COP29: “The ‘Baku Adaptation Roadmap’ was adopted, and this will boost the acceleration of climate resilience measures. For our rapidly growing cities, these decisions mean additional support in building stronger and more resilient infrastructure against climate impacts.”
Azerbaijan has also initiated the establishment of the Energy and Climate Center. Through our joint efforts, this center will serve as a dynamic platform for the D8 brotherly countries to translate benefits into tangible results within the country. The Center will become a hub for regional cooperation, bringing together experts, policymakers, researchers, and the private sector it will drive the development of green energy solutions in the D8 region. Azerbaijan is ready to host the activities of this center and provide institutional and operational support.”
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