BAKU, Azerbaijan, March 7. The International Monetary Fund (IMF) looks forward to a close collaboration with Azerbaijan’s COP29 Presidency to support the global effort to tackle the impacts of climate change, a source at the IMF Spokesman's office told Trend.
"We are also working closely with the authorities to assess the risks and macroeconomic implications of climate change for Azerbaijan, develop policies to meet the country’s climate mitigation and adaptation goals, and examine options for climate financing," the source added.
In this regard, Kristalina Georgieva, the IMF’s Managing Director has already met with COP29 President-Designate Mukhtar Babayev on the sidelines of the World Government Summit where they discussed priorities for COP29 and ways the IMF can support the global effort to tackle the impacts of climate change.
According to the IMF, COP28 made important progress in several key areas, including a historic call to transition way from fossil fuels in energy systems. "Now is the time for all stakeholders to step up to deliver on a response to the Global Stocktake that prioritizes action in this decade".
Meanwhile, the official announcement regarding the decision to host COP29 in Azerbaijan was made in Dubai on December 11, 2023, allowing Azerbaijan to be the host for the event in November.