Leading experts, policymakers, and thought leaders gathered today at the Climate Finance for Vulnerable Countries Summit at ADA University in Baku, Azerbaijan, to discuss pressing issues related to climate change adaptation and the need for increased global cooperation.
The summit highlighted the critical role of climate finance in supporting vulnerable countries, particularly in the face of growing climate-related threats such as rising temperatures, floods, and sea level rise.
Keynote speakers included Zulfiya Suleimenova, Advisor to the President of Kazakhstan and Special Representative for International Environmental Cooperation, who discussed Kazakhstan’s commitment to addressing climate change. As a carbon-intensive country, Kazakhstan is actively working on solutions to reduce methane and carbon emissions. Suleimenova emphasized the country’s dedication to working within a joint global framework to reduce emissions and highlighted the importance of adequate financing, technology transfer, and concessional financing for developing countries to support their climate transitions.
“Climate finance is crucial for ensuring that vulnerable countries can move from reactive to anticipatory and transformational approaches to adaptation,” said Suleimenova. “Kazakhstan is committed to reducing emissions by 15% unconditionally and 35% conditionally, contingent on access to technology and finance, and we are actively working with the global community to achieve these goals.”
Kazakhstan’s participation in international frameworks like the Paris Agreement and its regulation of energy, gas, and hard-to-abate sectors—such as cement under the EU’s Carbon Border Adjustment Mechanism (CBAM)—was also discussed. Suleimenova noted that tracking carbon emissions and maintaining efficient regulatory systems are key to ensuring measurable progress.
The summit also featured Abdul, Asian Development Bank (ADB), who shed light on the alarming economic impacts of climate change, with GDP losses in vulnerable regions projected to increase significantly. The ADB estimates that $102 billion annually is needed for climate adaptation, with most funding required for infrastructure, coastal protection, and agriculture. Abdul stressed the importance of shifting from a reactive to anticipatory approach to climate adaptation, particularly for the most vulnerable economies in Asia and the Pacific.
Zulpat Aziyeva, Advisor to the Chairman of the Kazakhstan Energy Association, echoed these concerns, pointing out the increasing risks to Central Asia, particularly Kazakhstan, which faced severe floods earlier this year.
She called for continued investments in renewable energy and other climate-resilient projects. “Climate finance is a strategic tool for derisking climate impacts,” she stated, emphasizing the need for a coordinated response across all sectors and ministries to ensure long-term success in Kazakhstan’s transition to a low-carbon economy.
In his remarks, Abid Qaiyum Suleri, Executive Director of the Sustainable Development Policy Institute (SDPI) in Pakistan, discussed the disproportionate impacts of climate change on populations in developing countries. Suleri highlighted the devastating flooding in Pakistan in 2022, which displaced 30 million people. He underscored that the rise in emissions is largely driven by human population growth, and the climate crisis exacerbates national debt, limiting countries’ ability to invest in resilience. “Adaptation efforts are often reactive and underfunded,” Suleri noted. “There is a critical need for a clear framework that allows communities in Pakistan and other vulnerable countries to access finance for adaptation.”
Rafael Abbasov, Senior Official at the ADB, discussed the importance of “derisking investments” through blended finance and private sector involvement in climate adaptation. A key theme was the need for tailored financial instruments that address the unique challenges faced by developing nations.
Agus Pratama Sari, CEO of Landscape Indonesia and Deputy Minister of Indonesian REDD+, highlighted the role of the private sector in financing climate adaptation, especially in the water sector and marine ecosystems. He emphasized that water management, conservation, and protection will be critical as climate change intensifies. “The private sector has significant potential to drive change, particularly in blue economy sectors that promote livelihoods and increased resilience for local communities,” Sari remarked.
The summit also featured discussions from other leaders in the field, including Asel Madybaeva from Kyrgyzstan and other international experts, who reiterated the importance of collaboration and the urgent need to mobilize finance to support climate adaptation efforts.
The key takeaways highlighted that there was a growing recognition of the need for joint global action on climate change, with a focus on vulnerable countries.
“Adequate climate finance, technology transfer, and concessional financing are essential for supporting the transition of developing nations.
Vulnerable economies must shift from reactive to anticipatory adaptation approaches to reduce future climate risks. Private sector involvement and blended finance mechanisms are critical for scaling up climate resilience efforts in developing countries. The integration of adaptation planning into national frameworks is essential for creating long-term, sustainable solutions”.
The summit underscored that climate change is a complex, interconnected issue that requires a holistic, cooperative approach. It called for increased investment in adaptation, better access to finance, and the strengthening of governance frameworks to ensure that vulnerable communities are equipped to face the challenges ahead.
