"We are facing an unprecedented situation linked to climate change."

Maria Fernanda Espinosa, the 73rd President of the UN General Assembly, addressed the panel discussion titled "Our Financial Response to Climate Change" during the 29th High-Level Meeting themed "Pathway to COP29 - Sustainable and Resilient Future," Azernews reports.

She underscored the critical challenge of determining whether current actions are adequate to address this extraordinary situation.

"I believe we recognize that climate issues transcend environmental concerns alone. Discussions on challenges, climate targets, and negotiations over climate finance essentially involve key stakeholders in development. These conversations touch upon trade dynamics, social cohesion, power distribution, and geopolitical landscapes of nations and sectors. Hence, climate negotiations are inherently complex and politically charged.

We acknowledge that the pace of negotiations lags behind the urgency of the situation. Therefore, our deliberations extend beyond financial matters; they encompass broader implementation strategies," she explained.

It is important to highlight that the primary objective of this High-Level Meeting is to ensure the success of COP29 in Baku through collaborative efforts among all stakeholders. The preparations for COP29 in Baku aim to adopt a holistic approach that addresses current global demands and opportunities in climate action.