Rafiyev: Azerbaijan's banking sector strengthened support for fair energy transition

Azerbaijan's banking sector has strengthened its support for fair energy transition by increasing investments in "green" projects, COP29 Lead Negotiator Yalchin Rafiyev said on Friday at a press conference at COP29 in Baku.

"The Azerbaijan Banks Association announced that the country's banking sector has committed to allocate $1.2 billion for green and sustainable projects. The Central Bank of Azerbaijan, in turn, has introduced a new 'green taxonomy' for sustainable investments," he said.

Rafiyev expressed gratitude to Canada for its commitment to climate financing to increase climate resilience.

"The Canadian government announced the allocation of $1.5 billion for a climate platform to support adaptation with special emphasis on least developed countries. Nine Canadian funds and philanthropic organizations have joined forces to allocate $290 million for climate projects over the next decade," he said.

The Lead Negotiator emphasized that the COP29 presidency worked to bring together all stakeholders to achieve progress in implementing global interim measures.

"As the President of Azerbaijan said in his opening speech at COP29, mitigation is a clear priority. But sustainable solutions are too often inaccessible to countries that need them," he added.