COP29 is underway in Baku, Azerbaijan. Multilateral Trust Fund for Central Asia launched at Baku Climate Conference Climate and Environment
The UN Special Programme for the Economies of Central Asia (SPECA) Multilateral Trust Fund was launched at the high-level meeting of the 29th UN Climate Conference (COP29). Representatives of the countries participating in this programme signed the Baku Joint Ministerial Statement on the establishment of the SPECA Climate and Innovation Dialogue, opening a new chapter in regional climate cooperation.
Representatives of Central Asia announced their intention to establish a trust fund to support large-scale “green” projects in the region last year.
“As a unique format for interaction for Central Asia, SPECA has great potential for effective regional cooperation in trade and transport, energy and environment, digitalization and many other key topics,” said Tatiana Molchan, Executive Secretary of the United Nations Economic Commission for Europe (UNECE).
“The SPECA Multilateral Trust Fund and the SPECA Climate and Innovation Dialogue will further advance partnerships and collective solutions to common challenges in the region,” she added.
Currently, the SPECA member states are Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
Economic Integration of Central Asian Countries Asia
The newly established SPECA Multilateral Trust Fund aims to strengthen the Special Programme for Central Asia and accelerate the achievement of its strategic objectives, including promoting economic cooperation in the region and creating incentives for economic integration.
The Fund will provide financial support to projects that address issues of economic development and regional integration in the context of global trends such as climate change, pollution and biodiversity loss.
The focus will be on strengthening the connectivity of the SPECA countries and harnessing the positive transformative forces needed to achieve the strategic goals of the programme.
The Fund is now open for contributions and is expected to be financed through voluntary contributions from SPECA member states, donors and partners.
Launch of the SPECA Dialogue on Climate and Innovation
SPECA Dialogue on Climate and Innovation – is a hybrid public-private-academic platform designed to promote regional cooperation on climate action, green technologies and innovation.
The launch of the Dialogue is a step forward in implementing the recommendations of the SPECA Economic Forum, which was held in Baku on 21-22 November 2023.
Proposed by the Government of Azerbaijan, the project aims to catalyze progress in several important multi-sectoral areas, including long-term low-emission development strategies, nationally determined contributions, climate finance and energy transition.