COP29 president: New financial architecture must be fair, especially for most vulnerable

COP29 will be a true measure of our collective progress towards achieving the goals of the Paris Agreement, COP29 President Mukhtar Babayev said at the event "Presidency's open dialogue with NGO constituencies and Parties" at the climate conference in Baku, Report informs.

"Securing a strong outcome on the new cataleptic quantified goal is crucial. This financial framework will drive effective climate action. It must be equitable and responsive to the needs of those most vulnerable to climate change. Empowering countries to promote stronger climate actions I would like to highlight three key themes that inform our discussions on reforms to the global financial architecture. First, identifying barriers we must address persistent barriers to mobilizing climate finance at the scale required.

High perceived investment risk in developing countries remains a major challenge. Second, coordinated efforts from all stakeholders. The private sector is expected to contribute capital, innovation and expertise driving solutions that support transformative change.

International financial institutions, including multilateral development banks and climate funds, must provide technical assistance and concessional finance. They should also develop mechanisms to reduce risks in high-need regions. Finally, ensuring inclusivity in climate finance.

We must guarantee that finance reaches indigenous people, local communities, women and all vulnerable groups who are on the frontlines of the climate crisis. A right-based approach is essential to ensure no one is left behind. Today's dialogue is not just about identifying the problems.

We also need to find actionable solutions. By enhancing market transparency and building stronger local financial systems, we can create effective financial landscape that enables climate action at the scale needed. I urge all of us to actively engage this dialogue with openness and creativity.

Let us share ideas, challenge assumptions and work collaboratively towards solutions that make a tangible difference for the communities we aim to support. Billions are counting on us to overcome differences and work together in solidarity for a green world," he added.