Ilham Aliyev: New climate finance goal requires substantial increase

New climate finance goal requires substantial increase, said President Ilham Aliyev in his address to the participants of the Pre-COP29 event in Baku, Olaylar reports.

"It is worth mentioning that a significant progress has been achieved in operationalization of the Loss and Damage Fund in Baku, this September.

Yet, the major task ahead of us is to agree a fair and ambitious New Collective Quantified Goal (NCQG) that meets the needs of the developing, least developed and small island developing states. The new finance goal requires a substantial increase.

Neither Azerbaijan in its capacity of the COP29 Presidency, nor any other state, can take decision on behalf of others. Our role is to provide platform for facilitating negotiations, which we believe we have been fulfilling impartially. Innovative "Shamakhi retreat" initiated by Azerbaijan can serve as an effective informal format for further advancing climate talks," said President Ilham Aliyev.