Azerbaijan discussing preparation for high-level meeting at COP29

Azerbaijan's Economy Minister Mikayil Jabbarov has held a video conference with Rebeca Grynspan, the Secretary-General of the United Nations Conference on Trade and Development (UNCTAD).  

During the meeting, they focused on preparation for the upcoming High-Level Meeting on the Baku Initiative for Climate Finance, Investment, and Trade (BICFIT), which is set to take place during COP29, Caliber.Az reports via local media.  

The parties emphasised that the Baku Initiative for Climate Finance, Investment, and Trade (BICFIT) offers a significant opportunity to enhance global cooperation in climate finance, investment, trade, and sustainable development.  

They highlighted BICFIT's potential to promote inclusive climate finance, leverage private sector contributions, and advance global decarbonization initiatives.    

BICFIT aims to establish a global platform for facilitating policy development, sharing knowledge, promoting climate investments, and co-creating solutions through dialogue.

It will help integrate climate finance, investment, and trade into national climate policies and development strategies, while also seeking to enhance investment promotion institutions to attract climate-positive investments.  

Furthermore, BICFIT will promote the establishment of national, regional, and sub-regional platforms to strengthen the connections between climate finance, investment, and trade.

The 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) will be held in Azerbaijan this November. This decision was made at the COP28 plenary session in Dubai on December 11, 2023.

During two weeks, Baku will become a global hub, welcoming around 70,000 to 80,000 international guests. The United Nations Framework Convention on Climate Change (UNFCCC) is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992, aimed at preventing dangerous human interference with the climate system. 

The abbreviation COP means "Conference of the Parties" and refers to the highest decision-making body responsible for overseeing the implementation of the UNFCCC. The Convention has 198 member states. Unless otherwise decided by the parties, the COP is held annually. The first COP event was held in Berlin in March 1995, and its secretariat is based in Bonn.

By Naila Huseynova