Innovative solutions in climate finance will provide the necessary tools to facilitate private sector climate investments, Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA), said at the event titled "Global Financial System: Expanding Financing for Climate Action" organized within COP29 in Baku, Report informs.
Taleh Kazimov noted that the global climate finance framework for transformative climate action was presented last year at COP28: "This framework presents plans to increase the effectiveness of climate financing. We must ensure the participation of all countries in supporting the flow of 'green investment' on a global scale. COP29 presents an important opportunity to evaluate achievements made to date and explore new horizons in this direction."
Kazimov emphasized that climate change is not just an environmental problem, but also a highly complex crisis requiring urgent and collective action: "Unfortunately, the world has not yet stepped onto the transition path envisioned in the Paris Agreement. Data shows that emissions continue to rise. In 2023, global greenhouse gas emissions reached their highest level ever recorded. The High-Level Expert Group on Climate Finance estimates that developing countries need $2.4 trillion annually to reduce their emissions by 42%. This funding is crucial for energy transition, adaptation, building resilience, and restoration of natural capital."