These countries need $2.4 trillion annually to reduce emissions by 42%

12:32 - 14.11.2024

 November 14, Fineko/abc.az. Innovative climate finance solutions will provide the necessary tools to simplify private sector climate investments.

ABC.AZ reports that CBA chairman Taleh Kazimov said this at the event Global Financial System: Boosting Climate Action Financing" during COP29 in Baku.

He noted that the global climate finance framework was presented last year at COP28:

"It presents plans to improve the efficiency of climate finance. We must ensure participation of all countries in supporting the global flow of green investments. COP29 provides an opportunity to evaluate the achievements to date and explore new horizons in this direction."

Kazimov stressed that climate change is not only an environmental problem, but also an extremely complex crisis that requires urgent action:

"Unfortunately, the world has not yet embarked on the path of transition envisaged by the Paris Agreement. The data shows that emissions continue to rise. In 2023, global greenhouse gas emissions reached the highest level in the history of observations. The High-Level Panel on Climate Finance estimates that developing countries need $2.4 trillion annually to reduce emissions by 42%. This funding is necessary for energy transition and adaptation."