Baku, November 20, AZERTAC

“We may reduce the expenditures on realization of the national climate plans up to $250 billion a year by ensuring the cross-border cooperation. The pivotal step both increases resilience, and allows countries to undertake measures against climate change," said Sahil Babayev, Azerbaijan`s Minister of Labor and Social Protection of the Population as he addressed the event themed “From vision to practice for a just transition for all: cross-regional South-South Policy Dialogue on energy, sustainable finance, and enterprises for inclusive policy-making processes and enhancing NDC ambition” held as part of COP29.

The Minister lauded the statement of the Multilateral Development Banks, according to which, MDBs provide estimates of $170 bn for collective climate financing through to 2030. Besides, for low-and middle-income countries, the annual collective climate financing contributions from the group of MDBs is set to cumulatively reach USD $120 billion by 2030.

The policy dialogue aims to foster policy discussions among Central Asian, South Caucasian, and Asia Pacific countries (PAGE and non-PAGE countries) on promoting green jobs, sustainable enterprises, and circular approaches for a just transition. It seeks to include workers’ and employers’ voices in NDC formulation, explore just energy transition scenarios, and recommend sustainable financing policies. The dialogue also aims to share experiences and address capacity gaps. Additionally, it promotes peer learning on integrating just transition and sustainable enterprises considerations into NDCs and South-South Collaboration.