Climate financing is a crucial factor contributing to achieving the goals of the Paris Agreement, including the reduction of greenhouse gas emissions, Azerbaijan's Deputy Foreign Minister and COP29 Lead Negotiator Yalchin Rafiyev said, Report informs.
"The climate disasters that have become more frequent nowadays emphasize the urgency of climate action. COP29 is our opportunity to demonstrate to the world our ability to unite in fighting the climate crisis," he said.
According to him, the COP29 presidency believes that reforms of Multilateral Development Banks are crucial in attracting a larger volume of accessible long-term resources.
"The main priority in COP29 negotiations is agreeing on a new collective quantitative goal (NCQG) in climate change financing, which will take into account the urgency and scale of the problem, needs, and priorities of developing countries. It becomes evident that Multilateral Development Banks play a vital role in improving the quality of climate financing and advancing the reform of international financial architecture," he said.
Rafiyev emphasized that Multilateral Development Banks remain key partners today in attracting more accessible long-term resources.
"In this context, I cannot help but emphasize the importance of Multilateral Development Banks sending the right signals to the world. They play a crucial role in attracting private sector investments," Rafiyev said.
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