The developing member countries of the Asian Development Bank (ADB) are strongly affected by climate change, and the growing intensity of climate issues requires required and sustainable measures, Azerbaijan's Minister of Finance Samir Sharifov said at the ADB event launching the Innovative Climate Finance Mechanism for Asia and the Pacific (IF-CAP) held on the sidelines of COP29, Report informs.
The minister emphasized the importance of providing assistance, especially to developing small island states. In this regard, it is noted that one of the initiatives proposed by Azerbaijan during its COP29 presidency is expanding climate financing opportunities by increasing the resource base of international development banks.
Samir Sharifov expressed confidence that additional capitalization of international development banks will lead to even greater private sector mobilization, which will be complemented by broader private investments supporting climate measures.
"As the COP29 host country, Azerbaijan hopes that this initiative will receive broad support," the minister noted.
ADB, together with partner banks, presented its new climate financing mechanism at the event. ADB President Masatsugu Asakawa stated that IF-CAP will become an important instrument in fighting climate change in the Asia-Pacific region, being one of the most innovative climate financing programs in the world.
The ADB president called on COP29 to set a new ambitious goal in climate financing to create meaningful and sustainable changes.