Leyla Hasanova, COP29 Youth Climate Champion, participated in the roundtable titled “Accelerating Access to Climate Finance for a Resilient and Inclusive Commonwealth,” held on the sidelines of London Climate Week and organized by the Commonwealth Secretariat.

The event was organized to mark the 10th anniversary of the Commonwealth Climate Finance Access Hub (CCFAH).

The event focused on enabling climate-vulnerable countries, particularly Small Island Developing States (SIDS) to benefit more effectively from global climate finance.

According to a new figure from the World Meteorological Organization (WMO), between 1970 and 2021, Small Island Developing States (SIDS) and other climate-vulnerable countries faced economic losses totaling US$4.3 trillion.

The UN Trade and Development estimated SIDS received only US$1.5 billion in climate finance in 2019.

According to the new commitment made at COP29, developed countries aim to allocate US$300 billion annually to developing countries, with the goal of mobilizing a total of US$1.3 trillion in public and private climate finance by 2035.

The Commonwealth Climate Finance Access Hub (CCFAH) was created in 2015 following the mandate by the Commonwealth Heads of Government Meeting (CHOGM) in Malta in the same year. The Hub supports small and other vulnerable states to improve their access to climate finance, leverage available technology and strengthen both human and institutional capacities for inclusive climate change adaptation and mitigation.

Addressing the event, Leyla Hasanova underlined that this pivotal event marking the 10th anniversary of CCFAH is an important opportunity not only to celebrate past achievements, but also to define new directives for the upcoming efforts.

According to her, this platform will create an opportunity to further enhance the cooperation in the spirit of solidarity and mutual commitment.