Azerbaijan’s Deputy FM: Climate goals impossible without strong financial support

The primary focus of the COP29 presidency is not merely to enhance the efficiency of the Conference of the Parties, but to preserve the very continuity of the process, Azerbaijan’s Deputy Foreign Minister and COP29 chief negotiator, Yalchin Rafiyev, said during a conference held in Khankendi.

Rafiyev emphasised that amid the numerous external challenges facing the international community, maintaining the momentum and continuity of climate negotiations has become critically important, Caliber.Az reports via domestic media.

Turning to financial issues, Rafiyev highlighted a key divide in the global climate agenda between developed and developing countries. He stressed that financing remains a central pillar for achieving climate goals.

"Without financing for climate negotiations on the international stage, within the climate community, it will be impossible to realise climate ambitions, to reduce emissions, to adapt to a changing climate, or to align infrastructure with the evolving realities," Rafiyev stated.

He recalled that under previous commitments, developed countries had pledged to provide $100 billion annually to assist developing nations in responding to climate change. However, Rafiyev noted that a new agreement was reached during COP29 in Baku to significantly scale up this support.

"At COP29, an agreement was achieved to increase this annual funding commitment to $300 billion by 2035," he said, underlining the major financial step forward in supporting global climate action.

By Tamilla Hasanova