Baku: ‘It is now time to act for the realization of the $300 billion climate financing,’ said Mukhtar Babayev, Special Representative of the President of the Republic of Azerbaijan on Climate Issues and President of COP29, during his speech at the Baku Energy Forum.
According to Azeri-Press News Agency, Babayev highlighted that the decision on $300 billion in climate financing within the framework of COP29 is seen as a historic achievement. However, he acknowledged significant challenges among world countries, especially donors, regarding the implementation and allocation of these funds.
Babayev further explained that the world is currently dealing with new geopolitical realities and conflicts, posing a dual dilemma for donor countries. In 2024-2025, 52 armed conflicts have been recorded globally, leading countries to allocate substantial funds for armament. This shift in focus not only diverts financial resources towards militarization but also results in increased emissions, as arms production has a high carbon footprint, and wars contribute to further emissions.
He pointed out that skepticism exists in developing countries concerning the actual realization of the $300 billion fund. Under these circumstances, Babayev stressed the importance of ensuring that COP29 proceeds with real steps, with agreements being monitored, motivated, and implemented effectively.
Babayev concluded by stating that it is not the time to plan actions but to carry them out.