Private sector needs to be involved in climate change action

The private sector should be involved in measures to combat climate change, the Deputy Foreign Minister of Azerbaijan, COP29 chief negotiator Yalchin Rafiyev said.

He made the statement during a panel discussion on "Our financial response to climate change" at the 29th high-level meeting, "Pathway to COP29: Sustainable and Resilient Future".

He noted that there is no need to rely on public funds alone.

"We absolutely have to engage the private sector. In some countries, two tracks and potential investors are needed, as well as corporate social responsibility.

Furthermore, there have been proposals put forward by small developing countries. Perhaps the World Bank will allocate certain financial resources to regional banks for immediate response to the disaster," Rafiyev emphasized.

To note, the main objective of this high-level meeting is to ensure the joint activities of all stakeholders to ensure the success of COP29 in Baku.

Preparations for COP29 in Baku include a multi-faceted approach to ensure responses to existing global challenges and opportunities in climate action.

Source of the news: https://en.trend.az/business/green-economy/3914334.html

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