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Azerbaijan's initiative: Introducing fresh North-South financial mechanism at COP29

29 April 2024 [10:44] - TODAY.AZ
Ulviyya Shahin

During a presentation titled “Towards COP29 - Priorities and Agenda” at the Islamic Development Bank Group (IsDB) annual meetings in Riyadh, Huseyn Huseynov, Head of Sustainable Development and Social Policy Department at the Ministry of Economy of Azerbaijan, announced Azerbaijan's intention to propose the establishment of a novel North-South Financial Mechanism at COP29, Azernews reports.

"This mechanism aims to act as a link between National and International Oil Companies, facilitating collaborative endeavors for global benefit."

Huseynov emphasized that participation in the North-South Financial Mechanism will be open to all interested parties, including those initially hesitant to join. He explained that member parties of the mechanism will contribute to the Fund by transferring funds based on the volume of fossil fuels they export, thereby becoming shareholders commensurate with their contributions.

Key features of the North-South Financial Mechanism highlighted by Huseynov include financial stability through sustainable capital inflow, allocation of funds for both concessional and commercially profitable investments, and the generation of income for shareholders.

Azerbaijan is set to host COP29 in November, following the decision made at COP28 in Dubai. This event is expected to draw around 70,000–80,000 foreign guests to Baku. The UN Framework Convention on Climate Change, established at the Rio Earth Summit in 1992, aims to prevent harmful human interference in the climate system. The Conference of Parties (COP) serves as the principal governing body overseeing the convention's implementation, with 198 countries as parties. COP events are typically held annually, with the first one taking place in Berlin in 1995, and the convention's secretariat is located in Bonn.

URL: http://www.today.az/news/business/247683.html

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