Climate finance takes centre stage at COP29

"Azerbaijan's COP is about finance," said Hikmet Hajiyev, the president's foreign policy adviser, in an interview with Euronews.

Transcript

00:00Climate finance is in the spotlight at COP29.

00:05What financial instruments can be used to support climate action

00:09and build resilience in developing countries?

00:12Azerbaijan welcomes progress.

00:15There's a general consensus on the carbon market issue

00:19that was an immediate result of the COP.

00:22In the meantime, we see deliberations on the loss and damage fund.

00:27And it's also fully functional to an extent to meet the requirements

00:31of the countries of the world.

00:33And a third dimension, of course, most importantly,

00:35is a new financial goal.

00:36And this COP has been designated as a finance goal.

00:39The foreign policy advisor to the president of Azerbaijan

00:42already observed positive results of the international development banks

00:46and financial institutions.

00:48He says they have already raised their contributions

00:51in the context of their multi-layer approach

00:55He also calls on all parties to chip in to make it work.

01:19Funding needed to address climate change

01:22could reach $1.3 trillion by 2035,

01:25according to a new report published

01:27by an independent group on climate finance.