We are working to expand climate finance from all sources.

This was stated by Mukhtar Babayev, the designated President of COP29 and Minister of Ecology and Natural Resources of the Republic of Azerbaijan, during a panel meeting held in Baku as part of the Preliminary Conference of the Parties on Climate Change (Pre-COP29), Azernews reports.

The minister emphasized the need to significantly increase the availability of climate finance.

“We continue to call for increased contributions to the Green Climate Fund and climate finance, but we recognize that not all funding can come from the public sector. Currently, only 2% of climate finance is sourced from the private sector. Multilateral development banks and international financial institutions should play a key role in attracting private sector investment. We are collaborating with these organizations to enhance the scale, efficiency, and accessibility of climate finance,” he added.

It is worth noting that the second day of the Pre-COP29 event is currently taking place in Baku, featuring plenary sessions and parallel events.