Azernews.Az

Nazrin Abdul

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More than three billion people are vulnerable to the effects of climate change, underscoring the urgency of collective action, Azernews reports that this was stated by Lucas di Pietro, Chairman of the Board of the Adaptation Fund (AEF), at the "High-Level Meeting on Investing in Human Development for a Climate-Resistant Future" held as part of COP29.

He added "I would like to express our sincere gratitude to the COP29 Presidency for organizing this important meeting".

He emphasized that the Baku Initiative is a significant step forward, perfectly aligned with adaptation funds that finance climate adaptation projects benefiting the most vulnerable communities in developing countries.

"We prioritize the needs of children, youth, women, and marginalized groups. We aim to build long-term institutional and faith-based capacities, ensuring that everyone has the opportunity to create a better, more resilient future," he said.

"Together, we have the opportunity to strengthen resilience and ensure a sustainable, just future for the world. Let's transform this commitment into positive actions that lead to lasting change," he added.

It should be noted that the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) opened on November 11.

The highest-level event within COP29—the Climate Action Summit of World Leaders—was held on November 12-13.

COP29, which is being held at the Baku Stadium until November 22, is the largest event organized by Azerbaijan to date, and it marks the first time the conference has been held in the region.

A key expectation from COP29 is the agreement on a fair and ambitious New Collective Quantitative Target (NCQG) for climate finance.

Fourteen initiatives have been proposed by the COP29 Presidency, addressing topics such as the link between climate action and sustainable development goals, green energy corridors, energy storage, climate sustainability, clean hydrogen, methane reduction in organic waste, green digital action, and more.

Creating climate finance will be instrumental in meeting the 1.5°C commitment by uniting all parties, and it remains a key priority for enabling action.