Increasing funding and transparency are key for enabling action to keep global warming below 1.5 degrees Celsius from pre-industrial levels, Yalchin Rafiyev, the chief negotiator of the presidency for the 29th United Nations Climate Change Conference, told Nikkei Asia on Wednesday, according to Report.
"All countries, in order to stick to their commitments deriving from the Paris Agreement and at the same time to stay within 1.5 degrees, should enhance their ambitions constantly," said Rafiyev during a visit to Tokyo.
He said that given the previous financial commitments of developed countries to mobilize US$100 billion per year for climate action, countries intend to adopt a new funding target at COP29.
Rafiyev added that the current financial flow is insufficient for countries to successfully complete the transition process.
In addition to government-level commitments, he also emphasized the important role of transnational development banks such as the World Bank and Asian Development Bank, as well as private companies, in promoting investment.
Transparency and accountability of countries on climate efforts will be key to ensuring these funds are available to developing countries, Rafiyev said.
The COP29 chief negotiator also spoke about the measures taken in Azerbaijan to combat global warming.
Rafiyev emphasized that although Azerbaijan is an exporter of oil and gas, the country continues to invest in renewable energy sources and is making every effort to reduce methane emissions. He also recalled the goal of the State Oil Company SOCAR, the country's largest oil and gas producer, to achieve zero emissions by 2050.