The Islamic Development Bank (IDB) has already provided $5.5 billion out of $13 billion in climate finance commitments made at COP27, IDB representative Syed Husain Quadri said at the event "Global Vision of Net Zero Progress: Findings from the 2024 Circular Carbon Economy Index" within the framework of COP29.
He emphasized that the main question is determining the directions for using these funds: "The Circular Carbon Economy Index helps us with this. By analyzing the index, we clearly see where each country stands now and what is needed for its support. For example, we are focusing on a regional renewable energy cooperation program to strengthen African countries."