Achievement of Paris Agreement targets requires $9 trln per year - Azerbaijani Central Bank head

BAKU. Nov 14 (Interfax) - The world needs to spend around $9 trillion a year to meet the targets of the Paris Agreement on climate change, Azerbaijani Central Bank Chairman Taleh Kazimov said.

"Global greenhouse gas emissions reached 53 giga-tonnes in 2023. This is the highest level recorded to date. To keep up with the target of 1.5 degrees Celsius, emissions must be reduced by 42% and 57% by 2030 and 2035, respectively. Just reducing emissions by 42% by 2030 means that at the global level, the need for climate finance is about $9 trillion per year," Kazimov said at the COP29 session with the theme Global Financial System: Increasing Financing for Climate on Thursday.

A high-level expert group on climate financing said that developing states need to spend $2.4 trillion a year to cut emissions 42%, Kazimov said. "This is necessary for the achievement of several targets, namely, energy transition, adaption, higher resilience and restoration of natural capital," he said.

Azerbaijan is committed to promoting the green transition, which is why it has included climate issues in the national development strategy, Kazimov said. "One of the five national priorities in the socioeconomic development of Azerbaijan until 2030 is the provision of the green growth. Consistent with the socioeconomic strategy for 2022-2026, the share of renewable energy in the national energy balance will reach 24% in 2026," Kazimov said.

Signed in 2015, the Paris Agreement aims to reduce global greenhouse gas emissions and limit the rise in global temperatures this century to 2 degrees Celsius, while seeking to limit the rise even further to 1.5 degrees. The Paris Agreement currently has 194 signatories.