COP29, set to take place in Baku this November, will form new financial mechanisms for climate action, a member of the Economic Policy, Industries and Enterprising Committee of the Azerbaijani Parliament Vugar Bayramov told Report.
“One of the main goals is to keep global warming to 1.5°C. The current $100 billion allocated to mitigate climate change effects is insufficient. This amount needs to be significantly increased to at least $500 billion, or even $1 trillion, as $100 billion is inadequate to cover the losses and damages for countries vulnerable to climate change,” Bayramov stated.
Bayramov emphasized the urgency of attracting more funds to achieve COP goals: “In the fight against climate change, it is crucial to establish the financial commitments of states. Baku’s approach aligns with current challenges. Increasing funding for climate change is preventative, as it can avert global problems in advance and direct more resources towards this cause. Baku’s initiative is positive, aiming to mobilize all efforts in climate finance and unify efforts in this direction. Greater support from developed countries can enhance the overall effectiveness of the fight against climate change.”