World Bank urges immediate allocation of funds to tackle climate change

“The main goal of the COP29 Presidency of the Conference of the Parties to the UN Framework Agreement on Climate Change, which will be held in Baku, is to create appropriate conditions for the participating parties for the formation of stable and reliable financial mechanisms within the framework of this event,” said Jennifer Sara, Global Director for the World Bank Group’s Climate Change Group during the Ministerial Conference on “Climate and Development” organized in Baku within the framework of “PreCOP”, APA reports.

She said that in order to ensure the efficiency and effectiveness of the elimination of the global problem such as climate change, an agreement should be reached on the issue of financing between the countries participating in the work of COP29: “A key element of climate finance is direct government-to-government agreement. This issue can be possible as a result of the joint activity of both governmental and non-governmental organizations, as well as financial institutions, and the existence of consensus among them. The main goal of the Presidency of COP29 is to create appropriate conditions for the participating parties for the formation of stable and reliable financial mechanisms within the framework of this event. We need to address climate change funding as soon as possible. “Decisions to be made at COP29 should be in the interests of both the participating parties and our planet as a whole.”

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