Shamsiya Mustafayeva, Financial Advisor for Partnership and Development at the UN Resident Coordinator’s Office in Azerbaijan has said that developing countries need between 4 to 6 trillion dollars to be able to effectively fight climate change.
Mustafayeva, who made this known at the Second Baku Forum on Sustainable Development, said that developed countries annually allocate 100 billion US dollars to help developing countries combat climate change, adding that developing countries will need 4 to 6 trillion dollars for thesame purpose.
The 2nd Baku Forum on Sustainable Development aims to among other things, strengthen the exchange of experience and cooperation with countries in the region and international organisations in the implementation of the UN 2030 Agenda.
In his address, the financial advisor noted that high interest rates for these countries could lead to difficult debt repayment terms. “Developing countries are giving away every dollar. They will have to pay eight times more to repay the debt,” she said.
The event was attended by high-level officials from Europe and CIS countries, representatives of the UN, international financial and regional organizations, government institutions, representatives of civil society and the private sector, as well as experts.