Climate finance takes centre stage at COP29

Climate finance has taken centre stage at COP29, with discussions focusing on the instruments needed to support climate action and strengthen resilience in developing countries.

Azerbaijan has welcomed progress on key issues, particularly the implementation of the Fund for Responding to Loss and Damage (FRLD).

“There is consensus on the carbon market issue that was an immediate result of COP,” Hikmet Hajiyev, foreign policy advisor to the President of Azerbaijan, told Euronews.

“In the meantime, we see that the loss and damage fund becomes operational and also fully functional to an extent that meets the requirements of other countries overall.”

“The international development banks and financial institutions have already increased their contributions as part of their multi-layered approach to the new financial target,” said Hajiyev.

He called on all parties to also contribute.

“Azerbaijan’s COP is about finance. Azerbaijan is doing its best to reach the climate goal, but not alone, we should all play our roles, all members of the conventions should play their roles based on shared responsibility,” he added.

A recent report by an independent group on climate financing estimates that the funds needed to combat climate change could reach $1.3 trillion by 2035.