Financing the fight against climate change is the central issue of the COP summit in Baku. And there are already results, according to Azerbaijan.
Protecting the planet costs money. At the UN climate conference in Baku, international financial institutions agreed to increase investments in the fight against climate change from $75 billion to $170 billion a year.
Hikmet Hajiyev, the Azerbaijani President’s Adviser on Foreign Policy, notes the effectiveness of the first week of the conference. “A general consensus has been reached on the carbon market, and this is a direct result of the COP,” he emphasizes. “We see how the Loss and Damage Fund is starting to work, it will be fully functional to meet the demands of countries around the world.”
The UN climate conference that opened on November 11 was announced as a financial one; its participants must decide whether – and to what extent! – contributions to combat climate change from developed countries will be increased. “The climate conference in Azerbaijan is about finance,” confirms Hajiyev. “Azerbaijan is doing everything possible to achieve the new financial goal, but it is not alone. Everyone, absolutely all parties, must make their contribution based on the principle of shared responsibility.”
Earlier, UN Secretary-General Antonio Guterres warned that world leaders must invest in the fight against climate change or humanity will foot the bill. According to a new report published by an independent expert group, the amount of money needed to combat climate change could reach $1.3 trillion by 2035.
https://ru.euronews.com/2024/11/18/cop29-hajiyev-interview-finance-o
