Germany, as part of the European Union, supports a new approach to international climate financing to launch an updated financial system, German Foreign Minister Annalena Baerbock said at a press conference in Baku.
According to Report, she noted that climate financing requires large investments, and when it comes to big money, negotiations become even more difficult and tough.
"Taking this fact into account, we must carefully examine all the details. Germany and Europe remain reliable partners in international climate financing. However, the costs of global energy transition and adaptation measures are too high, which requires global efforts and involvement of all parties," she said.
The foreign minister emphasized that countries with the largest share of global greenhouse gas emissions must not only reduce emissions but also contribute to international climate financing.