“Today, we have come together to discuss one of the most pivotal aspects of our fight against climate change - climate finance. As we know, finance is the lifeblood of the global transition to a low-emission and climate-resilient future. Climate projects are often perceived as riskier investments, that increases financing costs and limits the investments,” said Yalchin Rafiyev, Azerbaijan’s Deputy Minister of Foreign Affairs, COP29 Lead Negotiator, as he addressed the Joint COP29 Presidency and MCFs event on “Collective action for catalyzing climate impact” as part of at the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in the Blue Zone.
“This is why the role of the Multilateral Climate Funds (MCFs) becomes crucial. The MCFs, including the Adaptation Fund (AF), Climate Investment Funds (CIF), Global Environment Facility (GEF), and Green Climate Fund (GCF), are not only providers of climate finance but also catalysts that help de-risk investments. Over the years, these funds have collectively mobilized over US$50 billion in climate and sustainability funding,” COP29 Chief Negotiator emphasized.
Yalchin Rafiyev expressed his confidence that the Multilateral Climate Funds will continue its activities focusing on establishment of a stronger collaboration.
