Within the framework of the COP29 Business, Investment, and Philanthropy Climate Platform (BIPCP), investor groups announced that they will develop a shared vision and action plan to accelerate funding to climate markets.
Publish dateSaturday 16 November 2024 - 12:08
According to Amac News: The Asian Development Bank (ADB) has allocated $3.5 billion for a new program aimed at addressing the impacts of melting glaciers. Meanwhile, Azerbaijan's banking sector is reported to have set aside $1.2 billion for green projects until 2030.
Zakir Nuriyev, President of the Azerbaijan Banks Association, stated that these resources will be dedicated to projects that assist the country in transitioning to a low-carbon economy.
Additionally, Sweden announced a contribution of $730 million to the UN Green Climate Fund (GCF), bringing the total contributions and pledges to $5.43 billion on Finance, Investment, and Trade Day. Sweden noted that this amount will support low- and middle-income countries in investing in adaptive measures to protect their communities against climate change.
This brings Sweden’s total contributions at COP29 to $749 million, including a €19 million donation to the Loss and Damage Fund made earlier this week.
Zakir Nuriyev, President of the Azerbaijan Banks Association, stated that these resources will be dedicated to projects that assist the country in transitioning to a low-carbon economy.
Additionally, Sweden announced a contribution of $730 million to the UN Green Climate Fund (GCF), bringing the total contributions and pledges to $5.43 billion on Finance, Investment, and Trade Day. Sweden noted that this amount will support low- and middle-income countries in investing in adaptive measures to protect their communities against climate change.
This brings Sweden’s total contributions at COP29 to $749 million, including a €19 million donation to the Loss and Damage Fund made earlier this week.
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Source : news agency wam
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