BAKU, Azerbaijan, November 16. Accelerated
‘green’ transition demands boosting finance, Finnish MP Krista
Mikkonen said during a session themed “Unpacking the global climate
finance architecture: mobilizing resources and streamlining access
to climate finance” at the COP29 Parliamentary Meeting organized
jointly by the Inter-Parliamentary Union (IPU) and Azerbaijani
Parliament has started in Baku, Trend reports.
“We need more funding to accelerate the ‘green’ transition. The
longer we delay, the more difficult it becomes. We risk losing
important parts of the economy. We know that countries have
significant opportunities, and wealthier states must help the less
developed ones, but this is no excuse for developing economies to
avoid their responsibility,” she explained.
According to Mikkonen, many countries that were considered less
developed in the 1990s now have strong and growing economies and
must also reduce their emissions.
“This applies to all G20 countries and all EU nations. And when
it comes to the climate threat, a huge amount of money is required.
This means we need not only government funding but also the
mobilization of private sector resources,” the speaker
emphasized.
The Parliamentary Meeting is being held in Baku within COP29
under the joint organization of the Inter-Parliamentary Union and
Azerbaijani Parliament.
Sessions at the meeting are discussing the real impacts of
climate change, the parliaments’ role in making climate commitments
a reality and raising mitigation ambition and implementing
nationally determined contributions, unpacking the global climate
finance architecture and mobilizing resources and streamlining
access to climate finance, enhancing resilience in the face of
climate change and scaling up adaptation and strengthening local
empowerment.
The event is attended by IPU President Tulia Akson, Speaker of
the Parliament of Azerbaijan Sahiba Gafarova, as well as IPU Vice
President from Azerbaijan, MP Sevil Mikayilova.
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