Baku: Progress has been achieved in the area of climate finance within the framework of the COP29 event held in Azerbaijan, said the Deputy Minister of Ecology and Natural Resources, Umayra Taghiyeva, during the ‘D-8 High-Level Climate and Urban Dialogue’ event, APA-Economics reports.
According to Azeri-Press news agency, the parties reached an agreement to triple climate finance for developing countries. The initial $100 billion will be increased to $300 billion annually by 2035. Additionally, it was decided to mobilize $1.3 trillion annually from both public and private sources. The Baku Climate Finance Target aims to protect vulnerable countries, expand clean energy, create jobs, boost economic growth, and ensure energy access.
The carbon market mechanism has also been fully launched. This development is significant for developing countries, facilitating new financial flows through carbon credits. Umayra Taghiyeva emphasized that adaptation was prioritized during COP29, leading to the adoption of the ‘Baku Adaptation Roadmap,’ which will accelerate climate resilience measures. These decisions provide additional support for building stronger infrastructure in rapidly growing cities.
Azerbaijan has initiated the establishment of the Energy and Climate Center. This center will serve as a platform for D8 countries to achieve tangible results. It will become a hub for regional cooperation, uniting experts, policymakers, researchers, and the private sector to drive green energy solutions in the D8 region. Azerbaijan is prepared to host and support the center’s activities.