IOLR

Today, within the framework of COP29 in Baku, a panel discussion on the topic “Global Financial System: Scaling Up Financing for Climate Action” was held, APA reports. The event was organized by the COP29 Presidency, the Central Bank of the Republic of Azerbaijan, the World Bank, and the International Monetary Fund (IMF).

Taleh Kazimov, Governor of the Central Bank of Azerbaijan, spoke about the initiatives being implemented in the country for sustainable development and the goals set for reducing emissions.

Juergen Voegele, Vice President for Sustainable Development at the World Bank, stated that countries and companies must simultaneously carry out mitigation (emission reduction) and adaptation processes in the fight against climate change: “The public and private sectors must combine their efforts in the battle against climate change. However, while governments may allocate funds in the form of subsidies to agriculture and other sectors, the private sector is not interested in investing in these areas.”

Bo Li, Deputy Managing Director of the International Monetary Fund, noted that the IMF had introduced reforms two years ago under the framework of a sustainability and resilience fund: “Issues related to the green economy, green macroeconomics, and other aspects contributing to climate change are at the forefront. Our colleagues are working on specific strategies, and we are allocating financial resources to projects within these strategies.”

European Bank for Reconstruction and Development (EBRD) Vice President for Policy and Partnerships, Mark Bowman, emphasized that the bank allocates funding specifically for plans and projects related to the transition to a green economy.

Asian Development Bank (ADB) Vice President, Yingming Yang, highlighted that one of ADB’s main objectives is to provide financial assistance to developing countries in the fight against climate change.

Juergen Voegele, Vice President for Sustainable Development at the World Bank, noted that it is crucial to allocate financial resources to countries based on how climate change impacts them.

The panel discussion continued with further deliberations on these critical issues.

We are combining global and regional efforts to achieve the goal. This was stated by the President of COP29, Minister of Ecology and Natural Resources Mukhtar Babayev, at the first meeting of the Ministers of Environment and Ecology of the Organization of Turkic States (OTS) within the framework of COP29, APA reports.

He noted that countries are facing serious challenges related to building resilience to climate change and moving towards a zero future: “Extreme weather events, resource constraints and economic changes require our attention. This year alone, we have seen floods devastate parts of Kazakhstan. Severe wildfires are destroying forests and homes, highlighting the urgent need for resilience strategies. These events remind us of the urgent need to develop measures to respond to and adapt to climate change and adaptation. Working together, we can overcome obstacles and find new opportunities for sustainable development.”