Azerbaijan has officially submitted its bid to host the next 17th Conference of the Parties to the UN Convention on Biological Diversity in 2026, Minister of Ecology and Natural Resources of Azerbaijan, President of COP29 Mukhtar Babayev said during the opening of Baku Climate Action Week (BCAW 2024), AzVision.az reports.

Babayev pointed out that this event will pave the way for progress on key issues that will be front and center at the upcoming COP29.

"Among the main topics are climate financing, the provision of biennial transparency reports (BTR) by the end of the year, and the preparation and submission of national climate plans (NDC) by February of the following year," he stated.

“The COP29 presidency team will participate in a joint meeting with the International Monetary Fund (IMF) and the World Bank (WB) in October, as these global financial organizations are pivotal in developing and funding green initiatives and can facilitate climate financing," Babayev emphasized.

Additionally, Babayev brought to the attention of the audience the fact that the Loss and Damage Fund, which is sponsored by the World Bank, would be fully operational by 2025, as determined at the third meeting of the Board of Directors in September.

"In the fight against climate change, the world needs sustainable climate financing. In this regard, the participation of the private sector is crucial, and this issue will be at the forefront of Baku Climate Action Week," he added.

Among the important events in October, Babayev mentioned the 16th Conference of the Parties on Biodiversity, scheduled to take place on October 21 - November 1 in Cali, Colombia.

"Adaptation to climate change and mobilization of financial, intellectual, and technological resources are necessary across all sectors," Babayev noted.

As COP29 approaches, Babayev indicated that a critical topic will be the development of the carbon credit market to enhance the effectiveness of greenhouse gas emission reductions.

"With just more than a month remaining until COP29, we must consolidate all efforts to ensure its productivity," he said.

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