TBILISI: Climate finance must be accessible, Minister of Finance of Azerbaijan Samir Sharifov said during the “Financing Greener Value Chains in the CAREC Region” panel session at the 57th ADB Annual Meeting in Tbilisi, Trend reports.

“Azerbaijan hosting COP29 this year underscores the significance of mobilizing for climate action, which is crucial for global efforts. The conference, slated for Baku, will center on financing matters,” he said.

Sharifov noted that all signatories to the Paris Agreement have a common understanding of the importance of achieving results.

“To attain our objectives, action is imperative, and financial backing is essential. We must consider global financing and align the efforts of partners in this regard, ensuring the affordability and accessibility of financial resources. Reallocating these funds towards climate projects is paramount. International development banks are pivotal in this process, but without the backing of major shareholders, it will prove unfeasible,” the minis
ter said.

He stressed that financing expenses are excessively high.

“We perceive no incentives for borrowing in climate finance,” he said.

Source: Trend News Agency