Tuesday, 30 July 2024.
Climate finance appears more and more, clearer and clearer on global agendas. Those from global regulators to private sector authorities.
Yesterday’s post was about climate finance being highlighted on the agenda of the 7-13 October World Investor Week 2024 by IOSCO, International Organization of Securities Commissions. As the global standard setter, its actions irradiate to securities markets regulators from most countries and stock exchanges, including SEC from United States, CVM from Brazil, AMF from France and SEBI from India.
Today we give details about the decision of the government of Azerbaijan to have climate finance at the top of the list of priorities of COP29 that will take place in their capital and largest city Baku, from 11-22 November 2024.
“Throughout the COP29 Presidency’s consultations we have presented our vision … with climate finance as our top priority”.
“We now need to increase the overall flow of climate finance substantially and help developing countries that need support to realise their full potential.”
“The technical work is an essential foundation. However, climate finance has been one of the most challenging topics in the negotiations and climate diplomacy more broadly, and the politically complex issues will not be solved by negotiators alone.”
“The COP29 Presidency welcomes the G7’s support for climate action … and its intention to be contributors towards the new climate finance goal.”
“Global financial institutions have a significant role to play in supporting developing countries to take climate action … It is essential that multilateral financial institutions show how they are progressing … including increasing the scale, and effectiveness of, and simplified access to, climate finance.”
All this and much more was indicated on the 25-pages Letter to Parties and Constituencies released last July 17, 2024. Click at the image below to read it.
And about COP29 in Baku, Azerbaijan, here is the website, which is worth following regularly from now on.
Azerbaijan has a GDP of about US$ 78 billion and 10 million inhabitants. It has borders with the Caspian Sea, Russia's republic of Dagestan, Georgia, Armenia, Turkey and Iran. With two-thirds of Azerbaijan being rich in oil and natural gas, sounds an interesting place to host COP29 after Dubai 2023, where COP28 deliberated to “transition away from all fossil fuels”.
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