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Special Representative: COP29 and COP30 teams aim to fill climate finance gap of up to $1.3 trillion

28 April 2025 13:00 (UTC +04:00)

"The program that the COP29 team will present in Belem aims to bridge the gap in climate finance, which has grown from USD 300 billion dollars to USD 1.3 trillion," said Mukhtar Babayev, the Special Representative of the President of Azerbaijan for Climate Issues, during the "Local Action, Global Change: NGOs Tackling Climate in the Global South" panel at the founding conference of the Global South Platform held in Baku, APA reports.

He added that the COP29 and COP30 teams have already started working on the preparation of corresponding joint program:

"During COP29, expectations for climate finance were already well beyond USD 300 billion. The main discussion was about forming the initial agreement between the parties. After long negotiations, the parties agreed on the figure of USD 300 billion required for climate finance. I would like to note that the program the COP29 team will present in Belem is aimed at addressing the gap in climate finance, which has grown from USD 300 billion dollars to USD 1.3 trillion. I believe that for a consensus on climate issues to be reached, all countries must mobilize. The frequency of disasters around the world is increasing. At such a time, we must be even more mobilized. The COP29 and COP30 parties have already started working on the preparation of corresponding joint program."