Azerbaijan, Brazil work to attract $1.3T annually to fight climate change

Azerbaijan and Brazil are working to attract $1.3 trillion a year to combat climate change, Mukhtar Babayev, Azerbaijani Presidential Representative on Climate Issues, COP29 President-Designate, said at the 30th Anniversary Baku Energy Forum.

Report quotes him as saying new challenges have now emerged in the fight against climate change:

"Thus, certain countries have begun to pursue different policies in the fight against climate change. This is especially true of the United States. Its withdrawal from discussions on combating climate change has a negative impact on this process. However, other donor countries have begun preparatory work as promised in Baku."

Babayev noted that a historic result was achieved at COP29: "The allocation of $300 billion in funds was agreed. This was a great success. There were countries that were expecting trillions of dollars in funds."