Policymakers can and should respond to climate risk directly, by greening their energy sources through moving away from fossil fuels to greener alternatives, Professor of Economics at King's College London Gulcin Ozkan told Report.

The professor considers that COP conferences with the next session to be hosted in Azerbaijan next year are a great opportunity to secure clear commitment from countries to deliver green transition.

"These negotiations are fraught with difficulty given the diverse national priorities across countries and country groups. For example, while it was encouraging that there was a call for a global move away from fossil fuels for the first time at COP28 in Dubai this year, there was no specified time frame and no clear commitment regarding financial support to the less developed countries in their transition," she said.

According to Ozkan, it is necessary to hold regulatory policies promoting investment in greener sectors.

"The use of a carbon tax is one such measure. There is increasing pressure on central banks to devise monetary and prudential policies to support the green transformation," she said.

The COP is currently the highest body in the negotiation process for the implementation of the provisions of the United Nations Framework Convention on Climate Change (UNFCCC), the Kyoto Protocol (KP) and the Paris Agreement (PA). On December 11, within the framework of COP28 in Dubai, Azerbaijan was officially announced the chairman of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change - COP29, which will be held in the country in November next year and will give Azerbaijan the opportunity to advance its climate agenda in the world.