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Developing countries need 4 to 6 trillion dollars to fight climate change

16 November 2023 14:31 (UTC+04:00)
Developing countries need 4 to 6 trillion dollars to fight climate change
Abbas Ganbay
Abbas Ganbay
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"Developing countries need more funding to fight climate change," Shamsiya Mustafayeva, Financial Advisor for Partnership and Development at the UN Resident Coordinator's Office in Azerbaijan, said at the Second Baku Forum on Sustainable Development, Azernews reports.

"Developed countries annually allocate 100 billion US dollars to help developing countries combat climate change, but now we see that we actually need 4 to 6 trillion dollars for this purpose," she stressed.

The financial advisor noted that high interest rates for these countries could lead to difficult debt repayment terms.

"Developing countries are giving away every dollar. They will have to pay eight times more to repay the debt," she added.

It should be noted that the 2nd Baku Forum on Sustainable Development aims to strengthen the exchange of experience and cooperation with countries in the region and international organisations in the implementation of the UN 2030 Agenda.

The event is attended by high-level officials from Europe and CIS countries, representatives of the UN, international financial and regional organizations, government institutions, representatives of civil society and the private sector, as well as experts.

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