Preparations for COP29 are well underway as an inclusive process, Samir Sharifov, Azerbaijan's Minister of Finance, said as his addressed a panel discussion themed "Achieving Climate Change Results for Transformation" at the ADB Annual Meeting in Tbilisi, AzVision.az reports.
"We're making strides in our preparations, and it's an inclusive effort. We're eager to engage all parties in climate financing. Banks hold significant sway in this arena. Azerbaijan is confident that funding is within reach, and ADB can play a pivotal role. Adaptation simply can't happen without active involvement from the private sector," he emphasized.
According to the minister, the ambition within the COP29 is to try to bring the line of the parties involved to reach the agreement on this goal and to unlock the funding for the climate agenda.
"I would like also to mention in this regard that MDBs, Asian Development Bank, they are important players in this process. During the spring meetings, we discussed these issues with the IMF and with the World Bank. I mentioned the Coalition of Finance Ministers, which unites more than 93 countries, as far as I remember, and 27 institutions, so they also addressed these issues and there was a call for action. So I think, we believe, that Azerbaijan very much counts and relies on the support of the Coalition in order to achieve these shared goals," he added.
This November, Azerbaijan will host COP29. The COP28 plenary meeting in Dubai on December 11 last year made this decision. Baku will become the world's center, receiving about 70–80,000 foreign guests.
At the Earth Summit in Rio de Janeiro in June 1992, the United Nations signed the Framework Convention on Climate Change as an agreement to prevent dangerous human interference with the climate system. The COP—the Conference of the Parties—is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. 198 countries sign the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
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