Italy will continue to support developing countries in adaptation efforts, taking into account their vulnerability to climate change.

This was stated by Francesco Corvaro, Italy's Special Representative on Climate Change, at the meeting of climate and development ministers (C&DM) during the second day of Pre-COP29 held in Baku, Azernews reports.

He noted that Italy, along with its G7 partners, has prepared an act to accelerate adaptation.

"The main goal of this initiative is to expedite the implementation of adaptation measures in the most vulnerable countries. We must transition from current challenges to adaptive action as quickly as possible. This can be achieved by developing partnerships, preparing investment plans, and moving from planning to actual implementation," said the Special Representative.

British Minister for International Energy and Climate, Kerry McCarthy, who spoke at the event, emphasized that the effectiveness of climate action depends on the availability of financial resources.

She pointed out that many countries in need of climate action do not have sufficient funds: "These developing countries and small island states are among those most affected by the consequences of climate change, yet they bear the least responsibility for it."

According to McCarthy, the average volume of climate financing from 2017 to 2021 was only $7 billion per year.

Henry Gonzalez, Director of Investments at the Green Climate Fund, stressed in his video address that the private sector must participate more actively in climate financing.

He called for increased funding to combat climate change, stating that given the substantial financing required, the private sector should play a significant role in this effort.

He also mentioned that in two weeks, a ministerial meeting will be held in Washington on adaptation financing.

"We hope that at COP29, we will have the opportunity to meet with the finance ministers of participating countries to discuss important issues, such as the allocation of financial resources," Gonzalez said.