“It is now time to act for the realization of the $300 billion climate financing,” said Mukhtar Babayev, Special Representative of the President of the Republic of Azerbaijan on Climate Issues and President of COP29, during his speech at the Baku Energy Forum, APA-Economics reports.
He noted that although the decision on $300 billion in climate financing within the framework of COP29 is considered a historic achievement, there are serious challenges among world countries, especially donors, regarding the implementation and allocation of these funds.
He added that the world is currently facing new geopolitical realities and conflicts, which create a dual dilemma for donor countries: “In 2024–2025, 52 armed conflicts have been recorded globally. Countries are allocating significant funds for armament due to these confrontations. This, on one hand, diverts financial resources towards militarization, and on the other hand, leads to an increase in emissions. Arms production itself carries a high carbon footprint, and wars are also a source of emissions.”
Mukhtar Babayev emphasized that there is skepticism in developing countries regarding the actual realization of the $300 billion fund. In his opinion, under such circumstances, it is even more important to ensure that COP29 continues with real steps and that the agreements reached are monitored, motivated, and implemented.
“It is not the time to plan actions, but to carry them out,” Babayev concluded.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on Facebook
Follow us on Twitter
