Azernews.Az

By Nazrin Abdul, AZERNEWS

The VI World Intercultural Dialogue Forum commenced with an inspiring opening ceremony on May 1, hosted at the esteemed Baku Congress Center. Under the theme of "Dialogue for Peace and Global Security," the event brought together distinguished delegates and thought leaders from across the globe.

The President of Azerbaijan, Ilham Aliyev, addressed the international event, emphasizing need for financial resources to combat climate change. With a forward-looking perspective, President Aliyev highlighted that addressing the financial aspect of climate issues would take center stage at COP29.

The deputy of the Azerbaijani Milli Majlis, economist Vugar Bayramov, in his statement to Azernews, underscored Azerbaijan's commitment to collaborative efforts with international partners to combat the climate crisis. Bayramov emphasized the necessity for increased global funding and private sector involvement to tackle climate change effectively.

The expert stressed that "not only the financial resources of Azerbaijan, but also the world as a whole, it is important to allocate more funds related to climate change and to involve the private sector in this direction".

He highlighted Azerbaijan's ambitious targets, including a 30 percent increase in green energy production by 2030 and a 35 percent reduction in greenhouse gas emissions over the same period.

The successful implementation of projects such as the "Khizi-Absheron" KES with ACWA Power and the "Garadagh Solar Photovoltaic (PV) Power Station" project with Masdar demonstrates Azerbaijan's proactive approach towards sustainable energy solutions.

With a clear roadmap in place, Bayramov emphasized the importance of directing financial resources towards achieving Azerbaijan's environmental goals. He noted global cooperation and investment to ensure the uninterrupted implementation of climate change measures worldwide.

Ayaz Museyibov, Advisor to the Executive Director of the Center for Analysis and Communication of Economic Reforms, agree with the statement of MP.

He highlights urgency of optimal global financial resource utilization in climate change combat.

In addressing the pressing issue of climate change, Museyibov underscores the paramount importance of effectively and efficiently leveraging financial resources on a global scale.

He articulates that the crux lies in directing financial allocations towards the most impactful endeavors and ensuring their detailed organization.

Furthermore, Museyibov stresses the indispensable role of fostering global solidarity and cooperation throughout the process of attracting and utilizing these financial resources.

"Establishing robust global cooperation is imperative for upholding commitments on climate change."

He emphasizes the need for forging effective partnerships among all stakeholders with vested interests and those directly impacted by climate-related processes.

"Such collaborative endeavors will not only optimize the utilization of financial resources but also significantly contribute to the fulfillment of commitments pertaining to climate change mitigation and adaptation."

Azerbaijan's proactive stance on climate action was further highlighted during the 11th meeting of the Coalition of Finance Ministers for Climate Action, where Minister of Ecology and Natural Resources, Mukhtar Babayev, emphasized the importance of ambitious and equitable climate finance.

The invitation for Azerbaijan to join the Coalition of Finance Ministers on Climate Action underscores the country's growing recognition as a key player in global climate initiatives.

As anticipation builds for COP29 scheduled for November, Baku is poised to host tens of thousands of participants. The conference presents a crucial opportunity for countries to reaffirm commitments and take tangible steps towards addressing the climate crisis.

COP29 will serve as a platform for Azerbaijan to showcase its vision on regional security, energy transition, and green growth. Discussions will span topics including the development of green energy corridors, renewable energy projects, and ecological initiatives in Karabakh, underscoring Azerbaijan's commitment to a sustainable future.

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