For many, the climate crisis is existential, Azerbaijan's Minister of Ecology and Natural Resources and COP29 President Mukhtar Babayev said at a round table on stimulating transformative climate action and shifting focus from financial investment to result and catalytic effect of multilateral development banks, according to Report.
"We have a moral obligation to these communities and failure to act will have serious human and economic costs. Too often these costs are borne by those on the front lines and by those least able to pay," he said.
He said the cost of adapting to climate change in developing countries is estimated to be between 4 and 5% of combined GDP per year. And debt compounds challenges caused by strained resources, he said, noting the need for climate finance to work for these communities and the millions more on the front lines of climate change.
"Throughout the year we have shared our plan to enhance ambition and enable action with climate finance as a centerpiece. These two mutually reinforcing pillars are built on ambitious national climate plans and increased climate finance. With the NCQG at the centerpiece, we have heard the common message that needs are in the trillions," the COP29 president said.
There are important links between these other ambitions and the conversation on broader financial architecture reform.
"We will need to engage all actors in the financial system to overcome them. The Presidency values the opportunity to hear your ideas here today. Dear colleagues at COP24 MDBs reinforce their commitment to Paris Agreement aligned activities with the adoption of a joint framework. Since then you have more than doubled Climate Finance mobilized between two 2019 and 2023. You outlined key actions for joint climate efforts with the Marrakesh statement and the heads of MDBS shared key ways to enhance climate action in 2024. You have been important partners in the common effort to keep 1.5 within reach while leaving no one behind," he said.
Babayev reiterated the call for MDBS to increase adaptation finance for national adaptation plan.
"This week, leading multilateral banks projected that their annual collective climate financing will reach $170 billion by 2030. This includes US$49 billion on adaptation finance," Babayev said.