Baku: Italy's Special Envoy for Climate Change, Francesco Corvaro, has announced that discussions regarding the volume of the climate finance fund will take place as part of the preparations for COP29. Corvaro emphasized the importance of Azerbaijan's role with its presidency of COP29 in facilitating a collaborative environment for all parties involved to ensure a successful outcome in addressing climate change. According to Azeri-Press News Agency, Corvaro stated that a new decision is anticipated within the framework of the "New Collective Quantitative Target" (NCQG) concerning climate finance. The NCQG is designed to address the financial needs of climate initiatives by determining the necessary funds for the climate finance fund. Corvaro noted the necessity for extensive discussions with both developed and developing countries, highlighting the significant requirement of over USD 1 trillion to effectively combat climate change. He stressed the complexity of these negotiations and the critical need for pr ivate sector involvement, as states alone cannot shoulder the financial burden. Italy, alongside the European Union, aims to amplify ambitions in this domain through comprehensive agreements at COP, seeking a unified approach and understanding.