Azerbaijan includes climate change issue in National Development Strategy Central bank chairman says 

Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov has said that the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change will play a pivotal role in advancing global efforts to combat climate change.

In an interview with international media, Kazimov emphasised that Azerbaijan's presidency of COP29 presents a significant opportunity for enhanced collaboration with global partners to drive meaningful climate action for the benefit of our planet, Caliber.Az reports via local media.

"Climate change, including rising temperatures and more extreme weather phenomena, along with air pollution, poses significant sustainability challenges for our country," Kazimov noted.

Recognising the urgency of addressing climate change, Azerbaijan has integrated this issue into its socio-economic development strategy. One of the five key pillars of the country’s National Priorities for Socio-Economic Development until 2030 is the achievement of a clean environment and the promotion of “green growth.”

Moreover, Azerbaijani President Ilham Aliyev declared 2024 as the "Green World Solidarity Year" in Azerbaijan, underscoring the importance of international cooperation in the fight against climate change.

Kazimov highlighted that Azerbaijan is committed to international agreements like the Paris Agreement, stating, "Azerbaijan has set a goal to reduce greenhouse gas emissions by 35 per cent by 2030 compared to 1990.

Moreover, Azerbaijan has made a new voluntary pledge to cut emissions by 40 per cent by 2050." To achieve its climate goals, Azerbaijan has set a primary target of increasing the share of renewable energy capacity in the country’s total energy mix to 30 per cent.

The country is renewing its Nationally Determined Contributions (NDCs), with new targets and actions related to climate change expected to be defined soon. The CBA has established strategic frameworks for "greening" the country’s financial system in support of these initiatives and to contribute to the realisation of these goals. 

Kazimov emphasised that climate financing, along with these strategic frameworks and action plans, will lead to several key outcomes. These include the development of a functional ecosystem that covers data, definitions, and regulations for “green” financing, as well as the transformation of business models and strategies among financial institutions toward sustainable and “green” financing. Moreover, financial institutions will begin implementing transition plans in line with the renewed NDCs.

The 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) is set to take place in Azerbaijan from November 11 to 22. This location was chosen during the COP28 plenary session in Dubai on December 11, 2023. 

Over the two-week period, Baku is expected to host approximately 70,000 to 80,000 international attendees. The United Nations Framework Convention on Climate Change (UNFCCC) is an agreement that was established at the Earth Summit in Rio de Janeiro in June 1992, with the goal of preventing harmful human impacts on the climate system. 

The term COP stands for "Conference of the Parties", which is the primary decision-making body responsible for overseeing the implementation of the UNFCCC. The Convention comprises 198 member states and is typically held annually unless the parties decide otherwise. The inaugural COP event took place in Berlin in March 1995, with its secretariat located in Bonn.

By Naila Huseynova