Over $1 trillion needed to combat climate change, Italy's Special Envoy says

More than $1 trillion is needed to combat climate change, Francesco Corvaro, the special envoy of the Italian government on climate change issues, told Report at the COP29 conference, which began its work today in Baku.

Corvaro mentioned that the size of funds for the climate financing fund will be discussed at the conference. "We have gathered at COP29 to discuss the issue of climate financing. Azerbaijan's chairmanship at the conference has created a common space for all interested parties to participate in discussions and achieve a successful outcome," he said.

The Italian representative expressed his country's openness to constructive dialogue on climate change issues. "We are looking forward to the results on the New Collective Quantitative Goal (NCQG) in the field of climate financing. This goal represents a new approach to financing climate issues. We have held many meetings with both developed and developing countries. The negotiations are multifaceted and complex. It is necessary to actively involve the private sector in this issue. It should not be assumed that only states will be able to cover the costs, which may exceed $1 trillion," he explained.

According to the special envoy, the coming decades are crucial for climate change.

"Negotiations are currently underway on the problems of climate change. It is difficult to say something specific. Italy and the European Union are aimed at increasing ambitions in this direction. COP is a comprehensive agreement. We must find a common language and form a common idea," Corvaro added.