BAKU: The Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), Simon Stiell, met with the leadership of the European Investment Bank (EIB) to discuss climate financing in the run-up to COP29, Trend reports. Both Simon Stiell and EIB President Nadia Calviño shared updates about the meeting on social media. UNFCCC's Executive Secretary emphasized the critical role of climate financing in addressing the global climate crisis. "The activation of efforts by multilateral development banks like the EIB is absolutely essential, particularly for the most vulnerable developing countries. Institutions like the EIB must play a leading role in climate financing. As we approach COP29, this was an important meeting with EIB representatives," he stated. The EIB highlighted the need for increased political will and decisive actions to combat climate change. "Multilateral development banks are crucial in mitigating investment risks, supporting vital innovative technologies, and attracting private capital. The cost of inaction is high. That's why the EIB, as a climate bank, is already allocating 60 percent of our budget to climate and environmental sustainability, supporting projects and initiatives aimed at mitigating the impacts of climate change," the EIB noted. The EIB plans to triple its funding for energy transition adaptation by 2025. "Before COP29 in Baku, Simon Stiell met with EIB leadership to discuss how we can enhance climate actions to limit global warming to 1.5 degrees Celsius and properly organize green financing," the EIB's statement added. The 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) will take place in Baku from November 11 to 22, with climate financing being a central topic. Source: Trend News Agency