WASHINGTON: Finance Minister Samir Sharifov of Azerbaijan engaged in a series of high-level discussions on climate finance during the annual meetings of the International Monetary Fund (IMF) and the World Bank, underscoring the necessity of expanding multilateral development banks’ resources to address climate change challenges.

According to Trend News Agency, the IMF hosted an event titled “International Sustainable Financial Architecture: Maintaining Momentum and Ambition to Achieve Results between COPs” on October 22, co-organized by Azerbaijan, the United Arab Emirates, and Brazil. The gathering aimed to explore opportunities for enhancing climate finance, featuring notable participants such as the Executive Secretary of the United Nations Framework Convention on Climate Change Simon Steele and IMF Managing Director Kristalina Georgieva.

Finance Minister Sharifov emphasized the urgent need for establishing a new collective quantitative goal for climate finance by the end of the year. He highlighted that
this goal should meet the needs of developing countries and called on G20 finance ministers to collaborate on this initiative while advocating for an expansion of the resource base of multilateral development banks for climate financing.

During his visit, Sharifov also held discussions with key figures including IMF Managing Director Kristalina Georgieva, World Bank Group President Asai Banga, Asian Development Bank President Masatsugu Asakawa, and World Bank Group Director General for Development and Cooperation Axel von Trotsenburg. These meetings focused on COP29’s expectations from international financial institutions and explored ways to enhance climate finance.

Sharifov participated in the twelfth meeting of the Coalition of Finance Ministers on Climate Action, contributing to the Brazilian Investment Platform for Climate and Environmental Transition presentation. He also attended a Gulf Cooperation Council meeting, where discussions revolved around trade and financial flows between the Caucasus and C
entral Asia, identifying opportunities for enhanced collaboration and advocating for a balanced energy transition.

In bilateral meetings with key financial leaders, including Serhat Koksal of the Black Sea Trade and Development Bank and Bulgaria’s Deputy Prime Minister Lyudmila Petkova, Sharifov explored avenues for cooperation, focusing on mutual investment and innovative financial instruments.