COP29 president, ADB head discuss innovative climate financing in Washington

Azerbaijan's Ecology Minister and President-designate of COP29 Mukhtar Babayev and President of the Asian Development Bank (ADB), Masatsugu Asakawa, have discussed innovative climate financing methods during a meeting in Washington.

The ADB president shared details of their discussion on his X page, Caliber.Az reports.

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… pic.twitter.com/VlNQg7l3i5

— Masatsugu Asakawa (@ADBPresident) October 23, 2024

He highlighted that increasing climate finance is the only way to address the escalating economic challenges and human suffering caused by rapid global warming. Asakawa emphasised that multilateral development banks must play a significant role in these efforts.

Notably, the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) is scheduled to be held in Azerbaijan from 11 to 22 November. This decision was confirmed during the COP28 plenary session in Dubai on 11 December 2023. Baku is set to host between 70,000 and 80,000 international attendees over the course of the two-week event.

The UNFCCC, established during the Earth Summit in Rio de Janeiro in June 1992, aims to prevent harmful human interference with the climate system. COP, which stands for "Conference of the Parties," refers to the primary decision-making body responsible for overseeing the UNFCCC’s implementation.

By Aghakazim Guliyev