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Lead Negotiator of COP29: Poor countries should be provided with assistance to focus on climate action

20 June 2024 16:10 (UTC +04:00)

“Developing countries face difficulties in accessing financial sources regarding climate change,” said Lead Negotiator of COP29, Deputy Minister of Foreign Affairs of Azerbaijan Yalchin Rafiyev in a panel discussion at 29th high-level meeting on “Pathway to COP29: Sustainable and Resilient Future”, APA reports.
He said that developed countries should help developing countries in the transition process, but at the same time, this should be based on mutual consensus.

“When we talk about the COP, we should also pay attention to how the G7 and G20 countries act and contribute.”

Lead Negotiator of COP29 said that sometimes there are financial resources, but there is no mechanism on how to deliver these funds to those who need them, access to these financial resources is a problem.

He said that sometimes, although countries turn to financial sources to eliminate the consequences of climate change, they receive these funds too late.

“For example, it is possible that the World Bank may allocate funds to regional banks, and the countries turn to these banks when they need urgent assistance to overcome the consequences of natural disasters.”

Azerbaijani Deputy FM said that the private sector should also be involved in the fight against climate change.

“We should not rely only on public financial sources, the private sector should be involved."

Yalchin Rafiyev emphasized the role of social responsibility in this sense.

He also touched upon the problem of debt and poor financial capabilities of poor countries, small and developing countries.

“Another problem is the poor financial capabilities and debts of poor countries, which hinders them in the transition process. The debt relief mechanism should be applied, these countries should be provided with assistance so that they can focus on climate action, not debt."

Lead Negotiator of COP29 also spoke about Azerbaijan's agendas well:

"There are several issues on our agenda, among which are investments and eco-startups. We should encourage countries to create eco-startups," he said.