The needs of low and average levels of income in climatic financing, according to forecasts, will exceed 2 trillion dollars a year by 2030. This issue is one of the main topics of negotiations at the 29th session of the conference of the parties to the UN Framework Convention on Climate Change (COP29), which started today in the capital of Azerbaijan Baku.
“A new collective quantitative goal of climatic financing” (NCQG) is the main priority of COP29 negotiations.
In an interview with the ANADOLE agency, Harry Boyd Carpenter, Managing Director for Green Economics and Climate Acts of the European Bank for Reconstruction and Development (EBRD), noted that COP29 is the coordination of the framework structure of climatic financing within the framework of NCQG. According to him, the role of international development banks is important in this regard.
“with the exception of China, our target group needs $ 2.4 trillion a year by 2030,” Boyd Carpenter said.
The agency’s interlocutor noted that the necessary financing is available, but it is not provided for a number of reasons. According to him, one of them lies in the absence of plans to combat climate change in countries. He added that in some countries there are no regulation systems for the implementation of the necessary investments.
The representative of the EBRD indicated that another reason is unstable economic indicators in some countries, since they create serious obstacles to investment.
“countries that go to a green model will have a more stable economy, get cheaper energy. However, in the short term you will have to spend a lot of money, since green investments are capital -intensive and create an accessibility barriers. Such countries need more grants for this country Both preferential financing, and it should come from developed countries, ”he said.
“The most important thing is the NCQG agreement, and the path to its achievement is carried out on a very difficult political background,” he added.
Boyd Carpenter noted that the provision of financing will become easier when developing countries set ambitious climatic targets. According to him, this is a “economically reasonable solution.”