President-Designate of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), Minister of Ecology and Natural Resources of Azerbaijan Mukhtar Babayev and President of the Asian Development Bank (ADB) Masatsugu Asakawa have discussed in Washington innovative methods of climate finance, as well as the financial institution’s contribution in this area, SİA informs.
"Scaling up finance for climate action is the only way we can turn the tide on the mounting economic challenges and human suffering caused by our rapidly warming planet. It is clear that multilateral development banks must contribute fully to this effort.
I met with Mukhtar Babayev, COP29 President, in Washington, DC to share ideas on this agenda. We discussed ADB’s contributions, including our $100 billion climate finance ambition, innovative financing modalities, and increased lending headroom through our capital adequacy reforms. We also agreed on the importance of collective action from MDBs, including further increasing resources for climate action, simplifying access to finance, and catalyzing private investment. I appreciate the COP29 Presidency’s focus on these issues and look forward to the COP29 meetings in Baku next month," Asakawa wrote on X.
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