COP29, IFC leaders advocate mobilising private investment for sustainable development

COP29 President-Designate Mukhtar Babayev has discussed innovative financial solutions to combat climate change with Managing Director of International Finance Corporation (IFC) Makhtar Diop.

The corresponding publication was posted on the official X page of COP29, Caliber.Az reports.

The COP29 President Designate met with @Diop_IFC, Managing Director of the International Finance Corporation, to discuss innovative financing solutions for climate action. As we prepare for #COP29, their dialogue focused on enhancing support for developing countries and… pic.twitter.com/08L0CDCpVb

— COP29 Azerbaijan (@COP29_AZ) October 24, 2024

“As we prepare for COP29, their dialogue focused on enhancing support for developing countries and mobilizing private sector investment to achieve sustainable development goals,” the statement reads.

Notably, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) is scheduled to take place in Azerbaijan from November 11 to 22. This venue was selected during the COP28 plenary session held in Dubai on December 11, 2023. The event is anticipated to attract around 70,000 to 80,000 international participants over its two-week duration.

The UN Framework Convention on Climate Change (UNFCCC), which was signed at the Earth Summit in Rio de Janeiro in June 1992, aims to avert significant human interference with the climate system.

The COP, or "Conference of the Parties," serves as the primary decision-making body responsible for overseeing the UNFCCC's implementation, which includes 198 member states. Generally, the COP convenes annually unless otherwise decided; the inaugural COP took place in Berlin in March 1995, with its secretariat located in Bonn.

By Aghakazim Guliyev