The Finance, Investment, and Trade Day (Climate FIT Day) is being held in Baku as part of COP29.
Today, the presentation of the Baku Initiative on Climate Finance, Investment, and Trade (BICFIT) will take place.
The Baku Political Scientists Club held a panel discussion on the role of NGOs in combating the climate crisis.
Now, a panel discussion is being held on the topic “COP29 Business, Investment, and Philanthropy Climate Platform” within COP29.
Governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov addressed a panel discussion on “Global Financial System: Scaling Up Financing for Climate Action".
“President of the Azerbaijan Banks Association, Zakir Nuriyev, on behalf of the entire banking sector, will announce a commitment to sustainable development after the second meeting today. I am confident that this commitment will mobilize the resources of the banking sector for green and sustainable finance across our economy,” Taleh Kazimov said.
He said that innovative solutions in the field of climate finance will provide the necessary tools to facilitate climate investments of the private sector. The official added that developing countries need $2.4 trillion annually to reduce emissions by 42%.
"I'm confident that COP29 will set a clear course for expanding international climate financing and help reduce the funding gap, especially for developing countries," Taleh Kazimov said.
On November 11, the COP29 has kicked off at the Baku Olympic Stadium. This event, which will run until November 22, is the largest ever organized by Azerbaijan and marks the first time COP is being held in the region.
On November 12-13, the highest-level event of COP29, the Summit of World Leaders on Climate Action, took place. The primary expectation for COP29 is to reach an agreement on a fair and ambitious New Collective Quantified Goal for climate finance. Advancing climate finance, a top priority for enabling action, will also help meet the 1.5°C commitment by fostering global cooperation.
