Yalchin Rafiyev: Financing to be one of key issues at COP29

Climate finance is one of the key issues that will be discussed in November 2024 at the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), chief negotiator for COP29 from Azerbaijan, Deputy Minister of Foreign Affairs Yalchin Rafiyev said during the high-level round table “Beyond COP28: Time to Unite, Act, and Deliver on the UAE Consensus,” Report informs.

“One of our key challenges at COP29 will be to develop financing mechanisms. Mobilizing financing for mitigation, adaptation and redress for loss and damage will be critical, which will require countries, international organizations and the private sector coming together,” he said.

He noted that only through an inclusive COP will it be possible to determine the right path forward.

“This will be our main guide principles. As part of our collaboration, we will work hand in hand with UAE and Brazil to deliver a future that is climate-focused and sustainable,” he added.

The deputy minister emphasized the important role of the International Energy Agency (IEA) in the energy sector.

“Under our COP29 we are looking forward to working closely with IEA. The IEA has been instrumentally creating global rules and standards around energy. At COP29 IEA will continue to play a vital role in the process, keeping track of our commitments and outcomes, supporting the parties vital research and policy work.”