New York Climate Exchange outlines its hopes for COP29 in Baku

FEBRUARY 16, 2024

The New York Climate Exchange, established in 2023, has shared its expectations for the upcoming 29th session of the UN Framework Convention on Climate Change (COP29), scheduled for November in Baku, Trend reports via the exchange's social media statement.

"The New York Climate Exchange supports the opinion of the Executive Secretary of the UN Framework Convention on Climate Change, Simon Stiell, voiced during his visit to Baku, where COP29 will take place, on the urgent need for climate change financing equal to at least $2.4 trillion," the statement said. "The upcoming COP29 in Azerbaijan will focus on climate financing with the aim of setting a clear target for the period after 2025 to support developing countries in mitigating and adapting to the impacts of climate change. This is crucial."

The message stressed that the organization's current actions will determine the problems it may face.

"As a community committed to tackling climate change, we must and will prioritize investments in a sustainable future, taking every opportunity to help global efforts during this critical decade," the statement added.

The decision to hold COP29 in Azerbaijan was made official on December 11, 2023, in Dubai.

On January 4, 2024, Mukhtar Babayev, Minister of Ecology and Natural Resources of Azerbaijan, was appointed as President of COP29.