BAKU, Azerbaijan, August 5. The UN Climate Change Conference COP29, held in Baku, adopted an agreement to increase annual climate finance for developing countries from $100 billion to $300 billion by 2035, the Azerbaijani Prime Minister Ali Asadov said, Trend reports.
He made the remark at a plenary session of the 3rd United Nations Conference on Landlocked Developing Countries (LLDC3) in Turkmenistan's Awaza.
"Under Article 6 of the Paris Agreement, Azerbaijan has completed negotiations on the carbon market mechanism and ensured its implementation nine years after the agreement was adopted. At the same time, a decision was made to fully launch the loss and damage fund to provide substantial support to vulnerable communities affected by climate change," Ali Asadov noted.
He also drew attention to the serious environmental challenges facing the Caspian region, in particular the continuing decline in the level of the Caspian Sea.
"It is necessary to emphasize the importance of joint efforts by the Caspian states to address common environmental problems. At the sixth summit of the Caspian states, held in Ashgabat in 2022, President of Azerbaijan Ilham Aliyev highlighted the problem of the Caspian Sea's shallowing. Following the initiative of the head of state, steps are being taken to create expert groups to study the causes of this process and develop measures to mitigate it," the prime minister stressed.