A high-level event "Strengthening a Sustainable Future: Promoting Green Development through Finance" was held at the COP29 conference in Baku, Report informs, citing the Economy Ministry of Azerbaijan.
The event was moderated by Thomas Bellon, director of UNDP's Sustainable Finance Hub.
The event featured speeches by COP29 President and Azerbaijan's Minister of Ecology and Natural Resources Mukhtar Babayev, Deputy Minister of Economy Samad Bashirli, COP29 Chief Negotiator Yalchin Rafiyev, and International Energy Agency Executive Director Fatih Birol.
The event served as an effective platform for identifying innovative financing solutions and challenges to enhance climate resilience.
Head of Sustainable Development Department at the Ministry of Economy, Huseyn Huseynov, presented Azerbaijan's initiative - the Climate Finance Fund for investing in climate action in developing countries. The fund's capital is planned to be formed through voluntary contributions from countries and companies with hydrocarbon reserves. The fund will begin operations after collecting initial funds of $1 billion and the joining of 10 donor countries.
Participants from various countries and organizations shared experiences in climate action and green development, discussing the impact of innovative finance on climate-resilient economic growth.