Baku: ‘The new climate finance goal agreed in Baku – at least $300 billion annually by 2035, alongside efforts to scale up finance to $1.3 trillion – must increasingly translate into accessible and affordable resources, particularly for developing countries,’ said Yalchin Rafiyev, Deputy Foreign Minister of Azerbaijan and COP29 Lead Negotiator, in remarks delivered at the opening ceremony of Baku Climate Action Week 2026. Noting that finance is not a side issue in implementation, he emphasized: ‘Finance is what makes implementation possible.’
According to Azerbaijan State News Agency, the commitment outlined by Rafiyev highlights a significant step forward in global climate finance efforts. The financial targets set during the Baku Climate Action Week 2026 are aimed at addressing the pressing needs of developing nations, ensuring they have the necessary resources to implement climate strategies effectively. These goals signify a joint effort to bolster the financial mechanisms that support sustainable environmental initiatives worldwide.
Rafiyev’s remarks underscore the critical role of financial support in realizing climate action plans. The emphasis on making funds accessible and affordable is intended to remove barriers that developing countries often face when seeking to implement climate-related projects. The new financial targets are expected to facilitate a more inclusive approach to climate action, enabling countries with fewer resources to participate actively in global efforts to combat climate change.
The Baku Climate Action Week 2026 serves as a platform for global leaders and stakeholders to discuss and strategize on enhancing climate finance mechanisms. The discussions aim to forge partnerships and collaborations that will drive the mobilization of the proposed $1.3 trillion in climate finance, ensuring that the agreed-upon goals are met within the stipulated timeframe.