The problem of climate change goes beyond ecology, covering economic and political aspects, the Minister of Ecology and Natural Resources of Azerbaijan, President-designate of COP29 Mukhtar Babayev said during his video address to the participants of the St. Petersburg International Economic Forum.
The minister reminded that the issues of climate financing will be the main topic at the COP29 to be held in Baku.
"Climate financing will be the main topic at the upcoming Baku Conference of the parties. We need to agree on a new collective climate finance quantitative target at COP29. Work on setting a new collective climate finance quantitative target will need to take into account many interrelated elements. Climate finance has been one of the most difficult topics in climate diplomacy for many years. Obviously, all parties have valid points. We are listening to all parties to understand their priorities and help to align positions to achieve a fair new goal," he said.
Babayev also stressed that the main challenge is to find ways of an efficient and fair transition to a low-carbon economy while ensuring sustainable economic development.