Global Leaders Gathered in Baku for Central Bank of Azerbaijan's Event on Scaling Up Climate Finance at COP29

14-11-2024

Baku, November 14, 2024: On November 14 the Central Bank of the Republic of Azerbaijan successfully hosted the high-profile event “Global Financial System: Scaling Up Financing for Climate Action” as part of the Finance, Investment, and Trade Day during COP29. The event convened prominent leaders from the public and private sectors, including representatives from Multilateral Development Banks (MDBs), private investors, and country authorities, to address the critical need for scaling climate finance and mobilizing resources for the green transition in alignment with the Paris Agreement goals.

In his opening remarks, Taleh Kazimov, Governor of the Central Bank emphasized the importance of collective action, stating: “We all understand that climate change is not just an environmental crisis. It is a complex crisis that requires immediate and collective action from all countries.”

During his speech, the Governor outlined the initiatives implemented at the national level and highlighted the role of the Central Bank in supporting the shift toward sustainability.

The event featured two engaging panel discussions:

1. “Climate Finance: Transforming Climate Ambition into Tangible Action” – Moderated by the Babak Abbaszadeh, President and CEO of Toronto Centre, Bo Li, Deputy Managing Director International Monetary Fund, Juergen Voegele, Vice President for Sustainable Development, World Bank, Yingming Yang, Vice President (South,Central and West Asia), Asian Development Bank, and Mark Bowman, Vice President for Policy and Partnerships, European Bank for Reconstruction and Development examined strategies for scaling up climate finance in emerging markets, with a focus on MDB alignment, policy reforms, and innovations.

2. “Scaling Up Climate Finance through Global Financial Interoperability” – At this session moderated by Jane Witherspoon, Middle East Bureau Chief, Euronews, Ambroise Fayolle Vice President, European Investment Bank, Jennifer Wu, Chief Global Sustainable Investing Strategist, J.P. Morgan, Bülent Karakaya, Managing Director, ESG Principal, Commerzbank AG shared insights on enhancing global financial interoperability, promoting better alignment of frameworks and practices with an emphasis on improved coordination among MDBs and the broader financial system.

The event also spotlighted a significant financial pledge from the banking sector of Azerbaijan, reaffirming commitment of AZN 2 Billion to supporting the nation’s green transition and fostering a sustainable financial ecosystem in the country.

The Central Bank of Azerbaijan’s leadership in hosting this event demonstrates the country’s proactive role in climate action, setting a benchmark for regional and global efforts in sustainable finance.