EBRD president to lead bank's delegation to COP29

The European Bank for Reconstruction and Development (EBRD) will be represented at the highest level at the COP29 climate conference to be held in Baku on November 11-22.

The conference will be attended by EBRD President Odile Renaud-Basso, the bank's First Vice President Jürgen Rigterink, Vice President for Policy and Partnerships Mark Bowman and Managing Director for Climate Strategy and Implementation Harry Boyd-Carpenter, Caliber.Az reports, citing the bank.

“This year's event will focus on accelerating action on climate change by leveraging climate finance, with a particular emphasis on mobilising the private sector,” notes the EBRD.

Under COP29, the EBRD plans to organise, including jointly with other international financial institutions and organisations, 11 different thematic events on climate change, decarbonisation,

The bank said it is committed to the continued promotion of green growth, sustainability and innovation. To this end, the EBRD is active in international efforts to combat climate change, mobilise private finance and achieve systemic change in all regions in which it operates.

“The EBRD is committed to ensuring that at least half of the bank's business volume is green. Last year, the bank's green financing reached €6.5 billion. The bank is a leader in climate finance,” the bank emphasises.

Notably, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) will take place in Azerbaijan from November 11 to 22. 

This decision was made during the COP28 plenary in Dubai on December 11, 2023. COP29 is a pivotal opportunity to accelerate action to tackle the climate crisis. During two weeks, Baku will welcome around 70,000 to 80,000 international guests, including leaders from governments, business and civil society to advance concrete solutions to the record-high global temperatures, and extreme weather events affecting people around the globe.

A key focus of COP29 will be on finance, as trillions of dollars are required for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening impacts of climate change.

The conference will also be a key moment for countries to present their updated national climate action plans under the Paris Agreement, which are due by early 2025. If done right, these plans will limit global warming to 1.5°C above pre-industrial levels and double as investment plans advancing the Sustainable Development Goals.

By Khagan Isayev