BAKU, Azerbaijan, November 14. COP29 is hosting
a roundtable discussion on “Driving Transformative Climate Action:
Shifting the Focus from Financial Inputs to Impact and MDBs’
Catalytic Effect,” Trend reports.
The event aims to discuss the role of multilateral development
banks (MDBs) in leveraging climate finance in emerging markets and
developing countries.
The event is organized by the COP29 Presidency and the Asian
Development Bank.
As Yalchin Rafiyev, the Chief Negotiator for COP29, stated,
achieving our collective climate goals demands a swift and
substantial increase in financing.
“Achieving our collective climate objectives requires a rapid
increase in financing from all relevant sources for developing
countries, with government financing playing a key role. Climate
finance is crucial to achieving the Paris Agreement goals,
including reaching net-zero greenhouse gas emissions. However,
current financing is inadequate,” Rafiev said.
He further stressed that addressing climate change requires not
only significant financial resources but also a well-designed
financial system that ensures sustainability, stability, and
accessibility.
Akinwumi A. Adesina, President of the African Development Bank
Group, highlighted the pivotal role of MDBs in mobilizing climate
financing.
“The Global Stocktake (GST) in the UAE has pushed us onto a more
ambitious path to combat climate change. The decision to triple
renewable energy usage, double energy efficiency, and halt
deforestation by 2030 is crucial. However, the climate finance
needed to combat climate change ranges from $5 to $11 trillion,
averaging $8 trillion. Multilateral development banks must play a
decisive role in mobilizing this financing,” Adesina noted.
Masatsugu Asakawa, President of the Asian Development Bank
(ADB), added that in 2024-2025, MDBs will focus on developing
highly integrated carbon markets.
“As MDBs, we are united in our commitment to the Paris Agreement
and our mission to drive transformative climate action. As the
current Chair of the MDB Climate Action Group, I want to emphasize
our collective efforts within the so-called Article 6 Working
Group. This platform brings together MDBs to assist countries in
developing and implementing carbon market mechanisms and non-market
approaches under Article 6 of the Paris Agreement,” Asakawa
said.
He also highlighted that this cooperation allows countries to
leverage Article 6 as a powerful tool to enhance climate ambitions,
increase investment, and promote sustainable development.
“Our collaboration provides countries with the opportunity to
leverage Article 6 as a powerful tool to enhance climate ambitions,
attract investment, and foster sustainable development. In 2024 and
2025, our focus will be on three key areas: building capacity,
developing enabling infrastructures for effective implementation,
and co-creating highly integrated carbon markets,” Asakawa
added.
