The adoption of the Baku Finance Goal at COP29 is a historic milestone in global climate finance, said Prime Minister Ali Asadov at the plenary session of the III UN Conference on Landlocked Developing Countries in the Avaza National Tourist Zone of Turkmenistan, APA reports.
The Prime Minister noted that this commitment envisages an increase in annual climate finance for developing countries from 100 billion to 300 billion US dollars by 2035: “Azerbaijan has also successfully completed negotiations on the framework for carbon markets in accordance with Article 6 of the Paris Agreement, ensuring its implementation nine years after the agreement was adopted. At the same time, a decision was made to fully operationalize the Loss and Damage Response Fund, which provides crucial support to vulnerable communities affected by climate change.”
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