Fatih Birol hopes clean energy financing to be discussed in Baku at COP29

The head of the International Energy Agency (IEA), Fatih Birol, expressed hope that the issue of financing investments in clean energy in developing countries will be discussed at the next COP29 summit, which will be held in Azerbaijan this year, Report informs.

He was speaking at the World Economic Forum in Davos, Switzerland.

Birol noted that the COP28 held in Dubai last December has many good results.

“However, how we will finance investments in clean energy is an issue to be discussed in Baku as part of COP29,” Birol added.

The head of the IEA emphasized that over the past five years, investment in the clean energy sector has increased from $1 trillion to $1.8 trillion. "This is a sign of great growth. The problem is that most of this investment has come from advanced economies and China. What about the rest? We need all countries to buy into this effort. We hope COP29 can find that missing piece of the puzzle to solve this problem,” he added.

The UN Climate Change Conference (COP) is currently the highest negotiating body for the implementation of the provisions of the United Nations Framework Convention on Climate Change, the Kyoto Protocol and the Paris Agreement (PA). On December 11, 2023, within the framework of COP28 in Dubai, Azerbaijan was officially announced as the chair of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change - COP29, which will be held in the country in November this year and will give Azerbaijan the opportunity to promote its climate agenda in the world.