IFC on its Main Goals at COP29

The International Finance Corporation (IFC) delegation is in Baku for COP29 to help accelerate the shift toward low-carbon, sustainable, and inclusive growth in developing markets, focusing on people and jobs. This statement was made on social media by IFC’s Global Director of Climate Business, Jamie Fergusson.

According to Fergusson, at COP29, IFC anticipates the approval of the "New Collective Quantified Goal" (NCQG), which is an annual funding target to support developing countries in responding to climate change.

“We also expect updates to the international carbon market regulations (Article 6 of the Paris Climate Agreement), which could help fund the energy transition in developing markets,” noted Fergusson.

He emphasized that financing must “fuel” the global response to the climate crisis. “However, today’s global climate financing flows, totaling $1.3 trillion per year, fall significantly short of what the world needs. Furthermore, the funds are concentrated in just a few countries. Only 15% goes to developing countries, 3% to the least developed countries, and 5% to adaptation. I believe that developing economies require trillions of dollars annually to drive low-carbon growth and protect communities from climate change impacts, and the funds must reach those who need them most,” stressed the IFC representative.

He recalled that in the 2024 fiscal year, IFC allocated $5.4 billion to green, social, and sustainable financing and mobilized an additional $2.28 billion (through alliances). Among its priorities in Azerbaijan, IFC focuses on projects to improve building energy efficiency and reduce the “carbon footprint.”