Rafiyev highlighted that public financing plays a pivotal role in meeting collective climate objectives and emphasized the urgent need to rapidly scale up financing from all sources to assist developing nations.
“Climate finance provides ample opportunity to achieve the Paris Agreement goals, including reducing greenhouse gas emissions. However, reports state that current financing is insufficient. Thus, addressing climate change requires not only significant financial resources, but also a well-designed financial system that ensures sustainability, stability and affordability without exacerbating already unsustainable debt levels in developing countries,” he noted
The COP29 Lead Negotiator emphasized the imperative making climate finance both widely affordable and accessible. He also mentioned the "New Collective Quantitative Target" agreement in climate financing based on developing countries' needs and priorities, describing it as a key priority of COP29 negotiations.
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