Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to the Vedomosti newspaper on the climate finance discussion at COP29.
The participants of COP29 are unlikely to be able to agree on an increase in the annual target for climate finance, Alexey Belogoryev believes. The expert recalled that climate finance is discussed at each session and does not lead to any results. According to Belogoryev, the main agenda of the summit will be to discuss the parameters of the international banks activity, so that they select financing projects taking into account the climate contribution of each individual country.
Another topic of discussion, according to Belogoryev, may be the mutual recognition of green certificates and carbon units. The expert added that there are many regional and national systems in the world and it is not clear what exactly is considered green financing.
"There is no international market for green certificates, and this tool should be the basis for attracting private capital in climate finance for developing countries. Moreover, these countries have weak institutions. First of all, they need to ensure the transparency of projects so that investments go for their intended purpose," the expert explained.
Subscribe for updates
and be the first to know about new publications