Baku: Azerbaijan is expecting the regular report from the Paris-based Organization for Economic Co-operation and Development (OECD) regarding climate finance.

According to Azerbaijan State News Agency, Yalchin Rafiyev, Azerbaijan’s Deputy Minister of Foreign Affairs and COP29 Lead Negotiator, discussed the implications of the $300 billion target decided at COP29. He noted that certain geopolitical changes have led some countries to divert climate-related spending towards defense and security, raising concerns about the fulfillment of the target.

Rafiyev explained that uncertainties exist regarding the contributions from multilateral development banks (MDBs), which are anticipated to play a significant role in achieving the climate finance goal. The precise contributions from these banks remain unspecified. He highlighted the role of the OECD in recording the climate finance provided by developed countries to developing nations annually. Azerbaijan is keenly awaiting the OECD’s regular report that will detail the annual funding collected.

Rafiyev acknowledged that the reports are typically delayed but stressed their importance in tracking financial dynamics. The last report from 2022 indicated a figure of approximately $118 billion. The forthcoming report will help Azerbaijan evaluate progress and understand how close or far they are from achieving the 2035 Baku Financial Goal.