“We must put in place the means of implementation, and we are looking to scale climate finance from all sources. We need to significantly increase the availability of mitigation and adaptation finance. Our top negotiated priority is a fair and ambitious NCQG that meets the scale and the urgency of the climate challenge. We also continue to call for increased contributions to the Green Climate Fund and the Adaptation Fund. But, we recognize that not all adaptation funding can come from the public sector. Only 2 % of adaptation funding currently comes from the private sector,” said Mukhtar Babayev, COP29 President-Designate and Azerbaijan`s Minister of Ecology and Natural Resources, as he addressed the Climate and Development Ministerial meeting within the framework of Pre-COP 29.
“We are calling on private financial institutions to scale up their investments in adaptation. We must also increase the accessibility of adaptation finance. Multilateral Development Banks and International Financial Institutions need to play a catalytic role in attracting private sector investment. So, we are working with these organizations to increase the scale, effectiveness, and easy access to climate finance. We are also collaborating with the Green Climate Fund and the Adaptation Fund to improve functionality for adaptation finance,” the COP29 President-Designate noted.
“Finally, we have made strong process toward getting the Fund for responding to Loss and Damage up and running. We are now working with the fund and donors to turn pledges into tangible contributions at COP29,” the minister emphasized.
