Climate finance has been one of the most challenging topics of climate diplomacy over the years, President-Designate of COP29, Mukhtar Babayev, said today at the 15th Petersberg Climate Dialogue held in Berlin, Report informs.
"We are listening to all parties to understand their concerns and help them refine potential landing zones based on a shared vision of success so that we can deliver a fair and ambitious new goal. But, there is no single initiative that will unlock climate finance and deliver the multiples we need. When we meet at COP 29 to agree on a new goal, we will look to see what has been done elsewhere to ensure that our money is used to the greatest possible effect," Babayev said.
The President-Designate emphasized that the COP 29 presidency is working with a wide range of actors, from multilateral financial institutes to the private sector, the financial services industry, and philanthropy: "We need everyone to play their part so that we can build up unstoppable momentum where everyone is confident that their contribution is fairly matched by the contributions of others."