"Azerbaijan's COP is about finance," said Hikmet Hajiyev, the president's foreign policy adviser, in an interview with Euronews.
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00:00Climate finance is in the spotlight at COP29.
00:05What financial instruments can be used to support climate action
00:09and build resilience in developing countries?
00:12Azerbaijan welcomes progress.
00:15There's a general consensus on the carbon market issue
00:19that was an immediate result of the COP.
00:22In the meantime, we see deliberations on the loss and damage fund.
00:27And it's also fully functional to an extent to meet the requirements
00:31of the countries of the world.
00:33And a third dimension, of course, most importantly,
00:35is a new financial goal.
00:36And this COP has been designated as a finance goal.
00:39The foreign policy advisor to the president of Azerbaijan
00:42already observed positive results of the international development banks
00:46and financial institutions.
00:48He says they have already raised their contributions
00:51in the context of their multi-layer approach
00:55He also calls on all parties to chip in to make it work.
01:19Funding needed to address climate change
01:22could reach $1.3 trillion by 2035,
01:25according to a new report published
01:27by an independent group on climate finance.