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“Today we have gathered to discuss the financing of COP29. Azerbaijan, with its presidency of COP29, has created a common space for all parties to discuss and achieve a successful outcome. We are fully ready to start a dialogue with everyone on climate change,” Francesco Corvaro, Special Envoy of Italy for Climate Change, said in a statement to APA.
He said that they expect to reach a new decision within the “New Collective Quantitative Target” (NCQG) in the field of climate finance:
“The NCQG is a new target and aims to finance the climate issue. We will discuss how much money will be put in the climate finance fund. We have many discussions with both developed and developing countries. I know that more than USD 1 trillion are needed to tackle climate change. Therefore, the negotiations are multifaceted and complex. The private sector needs to be involved. We should not think that states alone will provide such a large amount of funds. Currently, negotiations on climate issues are underway. It is difficult to say anything definite. Italy and the European Union aim to increase ambitions in this direction. The COP is a comprehensive agreement. We need to find a common language and form a common idea,” the Italian guest added.