BAKU, Azerbaijan, November 14. The European Investment Bank (EIB), with the support of other European development finance agencies, the European Bank for Reconstruction and Development (EBRD), and the European Commission, will launch the Global Green Bond Initiative, the Vice President of the EIB Ambroise Fayolle said during a panel discussion on "Global Financial System: Scaling Up Financing for Climate Action" in Baku today, TurkicWorld reports.
"The EIB, with the support of other European development finance agencies, the EBRD, and the European Commission, will launch the Global Green Bond Initiative because green bonds are not often issued in developing countries. Many developing countries have not yet issued any green bonds, and we want to change that, as projects that could be financed through green bonds exist. In addition, we have set up a fund that will have one billion euros of capital from public institutions and two billion senior bonds to be subscribed by private investors. This will allow the fund to issue green bonds, which we hope will help finance up to 20 billion euro for projects in countries where we have not yet seen significant development in this area," he said.
To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference in the climate system.
A total of 198 countries are Parties to the Convention. Unless the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
