Azerbaijan's Commitment to Green Transition Underscored at COP29, Says Central Bank Chief

The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.

Climate change poses a serious risk to global economic and financial stability, said Bo Li, Deputy Managing Director of the International Monetary Fund (IMF), at the event titled "Global Financial System: Scaling Up Climate Action Financing" held as part of COP29.

Azerbaijan's banking sector has unveiled a comprehensive set of initiatives aimed at bolstering sustainable development, according to Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA). Nuriyev outlined the plans during the second panel of the "Global Financial System: Expanding Climate Finance" event.

The World Bank has announced plans to allocate $150 billion for climate-related projects over the next 10 years, a significant boost aimed at supporting developing nations in their efforts to combat climate change.