The solution to the problem of climate change requires not only significant financial resources, but also an effective financial system that provides stability, stability and accessibility, which will not aggravate a high level of debt of developing countries. This was stated by the chief negotiator of COP29, Deputy Minister of Foreign Affairs of Azerbaijan Yalcyn Rafiev at a session organized on the fourth day of the 29th session of the conference of the UN Frame Convention on Climate Change – SOR29 in Baku.
Rafiev emphasized the importance of a high level to discuss issues related to climate change, in particular in the context of recent climatic disasters, and noted that “COP29 is an opportunity for us to demonstrate our collective ability to unite to combat the climatic crisis” .
“The achievement of our collective goals in the field of climate requires a rapid increase in financing from all relevant sources for developing countries, taking into account the decisive role of public finances. Climate financing is the most important factor that contributes to the achievement of the goals of the Parisian agreement, including reducing emissions of greenhouse gases. Nevertheless Reports show that the current financing is not enough, but the solution of the problem of climate change requires not only significant financial resources, but also a well -thought -out financial system that will ensure stability, stability and accessibility and will not aggravate the already unacceptable debt level in developing countries, ”said He.
The Deputy Minister emphasized the importance of creating a new collective quantitative goal for climatic financing, which meets “urgency and the scale of the problem and taking into account the needs and priorities of developing countries”.