“Today, one of the most important issues in the combat against climate change is the finance problem. Discussions were also held on this issue in the last sessions of the COP. A separate fund was established in the session held in 2022. This fund serves to support developing countries that are most affected by climate change,” said Soltan Mammadov, the MP of Milli Majlis (Azerbaijani Parliament) as an answer to the question “What issues will be prioritized at COP29?” in his interview with APA.
MP noted that the reserves of this fund are only 700 million dollars: “However, today, many times more funds are required to fight climate change. In this regard, it is no coincidence that the topic of COP29 is a finance issue. Considering the very important role of finance in the fight against climate change, there is a need to further improve the implementation mechanisms of this process. At the same time, discussing the involvement of the private sector in the financing process is expected. Now climate changes and environmental problems have reached such a level that urgent measures must be taken. Implementing these measures without financing mechanisms is impossible. In this regard, COP29 will be devoted to the discussion of a very strategic issue. If we approach it in a global context, these discussions are an opportunity to make decisions that will change the fate of the planet."
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