UN: COP29 can increase funding to fight climate change

At COP29, which will be hosted by Azerbaijan this year, a decision can be made to increase the funds allocated to the fight against climate change within the framework of the Paris Agreement, Kanako Mabuchi, the Head of the UN Resident Coordinator's Office in Azerbaijan, said at the event themed “Sustainable development: challenges and solutions” organized by Azercell Telecom, Report informs.

“COP29 is not just a conference, but a process and some results are expected from this year's event. One of them is a funding issue. Thus, the parties who signed the Paris Agreement in 2015 undertook a commitment to mobilize $100 billion per year by 2020 for climate action in developing countries. At COP29, this figure will be revised and a new goal on climate finance will be set, to better meet the needs and priorities of developing countries,” she said.