"This COP has been described as a finance COP. In particular, there are a lot of discussions on the New Collective Quantified Goal (NCQG), as to how much-advanced economies contribute to globally accelerated transition," Singaporean economist Ravi Menon said at the "COP29 Business, Investment, and Philanthropy Climate Platform" event, organized in collaboration with the Export and Investment Promotion Agency (AZPROMO) within the framework of the 29th session of the United Nations Framework Convention on Climate Change (COP29) held in Baku, APA reports.
"What I would like to see is not just an agreement on the quantum, because I think whatever the quantum is how money - the MVP money is for solving this problem. The more important discussion that needs to be had, that we will have as COP, is how the commitment has been made by the advanced economies. Can we use private capital? It’s not whether it’s 100, 200 or 300 million. We’re not focused enough on that. How much more additional private capital can you draw in? And how can you design your capital in a way that can achieve that. I think that is the critical thinking we need to have happen. The second is where does this money go? We need blended finance to make transition activities possible. And how to invest in green infrastructure. So these are the more important discussions. Where does the money go to and how much is required from private capital?" he noted.
Mirvari Azizova
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