The United Nations Special Envoy for Financing the 2030 Agenda for Sustainable Development, Mahmoud Mohieldin, affirmed that strengthening national and international development banks' governance is crucial to effectively direct financial flows to support climate financing.

The Inter-Parliamentary Union and the Parliament of Azerbaijan organized the "Dismantling the Structure of Global Climate Finance: Mobilizing Resources and Simplifying Access to Climate Finance" session at today's COP29 parliamentary meeting in Baku.

Mohieldin pointed out that the lengthy process for countries in need of funding to receive it adversely affects the efficiency of resource use.

He said, "The fact that the process of beneficiaries receiving funds in some multilateral financial institutions takes more than 30 months, that is, more than two years, is concerning." 

The President of the World Bank showed tremendous courage at the annual meetings in Marrakech last year when he confirmed that in most cases, it takes more than 27 months for the dollar to leave the institution and reach its destination.

The UN Special Envoy for Financing the 2030 Agenda for Sustainable Development added that these delays highlight the urgent need to invest in improving governance in development banks, which will contribute to enhancing their ability to facilitate the flow of funds more quickly and efficiently.

Under the auspices of the COP29, which runs until November 22, Baku is hosting parliamentary meeting sessions. Participants are discussing the impacts of climate change and the role of parliaments in turning climate commitments into reality, in addition to enhancing mitigation ambitions and implementing nationally determined contributions.

The sessions also address topics related to mobilizing financial resources, simplifying access to climate financing, and enhancing resilience and adaptation to climate change impacts.

Several prominent figures are participating in this meeting, including the President of the Inter-Parliamentary Union, Tulia Ackson, the Speaker of the National Assembly of Azerbaijan, Sahiba Gafarova, and the Deputy President of the Inter-Parliamentary Union from Azerbaijan, Deputy Sevil Mikayilova