COP29 President urges "real solutions" to unlock climate finance for developing countries

COP29 will serve as a true measure of global progress towards the Paris Agreement goals, with a critical focus on achieving meaningful results for the new quantitative climate finance target (NCQG) to drive effective action on climate change, said COP29 President Mukhtar Babayev. 

He made the statement during the "Open Dialogue of the Presidency with NGOs and Stakeholders" at the climate conference in Baku, highlighting the importance of mobilizing climate finance at the scale required to tackle the crisis, Caliber.Az reports via local media.

"This financial system must be fair and address the needs of those most vulnerable to climate change," Babayev continued. "While expanding the capacity of countries to promote more active climate action, I would like to highlight three key areas that define our discussions on reforms to the global financial architecture. First, identifying barriers – we must eliminate the persistent obstacles to mobilizing climate finance at the necessary scale.

The high perceived investment risks in developing countries remain a major challenge. Secondly, coordinated efforts from all stakeholders. The private sector is expected to contribute capital, innovation, and expertise, driving solutions that support transformative changes. International financial institutions, including multilateral development banks and climate funds, must provide technical assistance and concessional financing. They should also develop risk mitigation mechanisms in regions with high demand. Finally, ensuring inclusivity in climate finance," Babayev added.

He also emphasized the need for financing to reach indigenous peoples, local communities, women, and other vulnerable groups on the frontlines of the climate crisis. "A human rights-based approach is essential to ensure that no one is left behind," he said. Babayev concluded by stressing that today's dialogue is not just about identifying problems, but also about finding actionable solutions.

"By increasing market transparency and building stronger local financial systems, we can create an effective financial landscape that enables climate action at the necessary scale. I urge all of us to actively engage in this dialogue," he urged.

By Tamilla Hasanova