COP29 president: Multilateral banks project $170 billion in climate financing by 2030

This week, major multilateral development banks forecasted that annual collective climate financing would reach $170 billion by 2030. 

This announcement was made by Azerbaijan's Minister of Ecology and Natural Resources, Mukhtar Babayev, during the "Climate Platform for Business, Investment, and Philanthropy" event held in Baku as part of the COP29 climate conference, Caliber.Az reports, citing local media.

Babayev stated that of this amount, $49 billion would be allocated to adaptation financing. 

"Every contribution is welcome, but there is still a gap between where we are and where we need to be," he emphasized. "While consultations with various stakeholders are essential, the private sector must also be engaged across key economic sectors."

He further highlighted that the main priority of the COP29 Presidency in negotiations is to establish a new, fair, and ambitious climate finance goal that aligns with the needs and priorities of developing countries.

"In this context, we want the private and philanthropic sectors to focus on how they can support the ambitions of developing countries," Babayev added.

COP29, being held from November 11 to 22 at Baku Stadium, marks Azerbaijan’s largest and most significant event to date and is the first time the country has hosted a COP summit. The event witnessed the signing of a Host Country Agreement and other crucial documents between the Azerbaijani government and the UN Framework Convention on Climate Change Secretariat.

A key focus of COP29 is the establishment of a fair and ambitious New Collective Quantitative Goal (NCQG) for climate finance. The presidency of COP29 has introduced 14 initiatives that connect climate action to the Sustainable Development Goals, including green energy corridors, energy storage, climate resilience, clean hydrogen, methane reduction from organic waste, green digital technologies, and more. One of the proposed initiatives is the creation of a Climate Finance Action Fund aimed at achieving the critical target of limiting global warming to 1.5°C.

Azerbaijan's commitment to mitigating climate change and protecting the environment has been evident throughout COP29. The unanimous decision to elect Azerbaijan as the host for this summit reflects the global community’s trust in the country’s leadership on climate action, as President Ilham Aliyev highlighted, underscoring Azerbaijan's important role in global climate efforts.

By Khagan Isayev