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Nazrin Abdul

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Climate financing plays a crucial role in implementing programs in this field and advancing broader reforms within the global climate agenda.

As reported by AzerNEWS, this was stated by Azerbaijan’s Presidential Representative for Climate Issues and COP29 President, Mukhtar Babayev, during the panel discussion titled “Beyond Negotiations: COP’s Fight for Resilience” held within the framework of the XIII Global Baku Forum on the theme “Bridging Divides in a Fragmented World.”

According to Babayev, multilateral cooperation is currently under significant pressure, and the entire United Nations system is experiencing serious strain. In such conditions, close cooperation between countries is essential not only to adopt positive decisions but also to ensure their effective implementation.

He recalled that during COP29 in Baku, an agreement was reached to operationalize the Loss and Damage Fund. In addition, countries agreed on a financial target to mobilize at least $300 billion annually for developing countries by 2035, along with a practical roadmap aimed at mobilizing $1.3 trillion in climate finance.

Babayev noted that the implementation of decisions related to the Loss and Damage Fund is currently being monitored.

“In the initial years, the fund received relatively active financial contributions from donors. However, over the past year, the pace of contributions has gradually slowed,” he said.

According to Babayev, the fund is designed primarily to support small island developing states and other highly vulnerable countries, helping them rebuild their economies and social systems after major climate-related disasters.

At the same time, he stressed that the agreement to mobilize at least $300 billion annually for developing countries, as well as the practical plan to generate $1.3 trillion in climate finance, is currently facing serious pressure.

“Across the world, policymakers are increasingly reconsidering the priorities of financial commitments,” Babayev said.

He noted that in 2024, when Baku hosted COP29, there was a unique environment in which donors agreed to allocate $100 million and continue progress toward the 2035 climate finance targets.

“Unfortunately, we are now hearing reports of potential backtracking on these commitments. We are awaiting the report of the Organisation for Economic Co-operation and Development on the results of 2025 to see the real impact of these funds,” he added.

Babayev also emphasized that global priorities are shifting as governments increasingly focus financial resources on security, defense, and military concerns.

“Countries are thinking more about how to protect themselves from threats, wars, and conflicts,” he said.

“However, the world is changing and we all live within these changes. We must adapt, but at the same time we must continue investing and ensuring financing. Without financial support, all our actions and initiatives will unfortunately fail to deliver real solutions or meaningful results,” Babayev concluded.