Azerbaijan leads efforts to increase climate finance, seeks global partnerships

Azerbaijan is committed to working closely with all stakeholders to create the "Baku – Belém" roadmap aimed at increasing climate financing to $1.3 trillion annually by 2035, said Mukhtar Babayev, Azerbaijan’s Special Representative for Climate Issues and President of COP29.

Babayev shared these remarks during the International Climate Forum on April 4 in Samarkand, Caliber.Az reports, referencing local media.

He emphasized the critical year ahead for every nation in boosting their ambition within the next generation of national climate plans:

"We all need to develop emission reduction plans, known as 'nationally determined contributions.' It is absolutely essential that these targets are presented no later than September. This will allow us to consolidate them at COP30, where we will evaluate our collective progress in implementing National Adaptation Plans, focusing on how we will prepare for the impacts of climate change," Babayev said.

The COP29 President acknowledged the challenges involved in preparing such reports but reassured that Azerbaijan is taking steps to make the process more accessible.

"We have organized capacity-building workshops in Baku. We've worked closely with the entire UN system to mobilize support. Today, HELPS is available to anyone who needs it. We believe that everyone is directly invested in ensuring that these reports are as reliable and trustworthy as possible. Reliable and trustworthy reports are crucial as they can pave the way for 'green' investments, setting clear goals and timelines, highlighting priorities, and showing the government's commitment to fighting climate change. Transparent reporting will send strong signals to the market," he said.

Babayev further noted that these strong signals will attract and guide investment into sustainable projects:

"Ladies and gentlemen, the only way to shape our future is through collective action. Azerbaijan is a small country. We cannot face the climate crisis alone. This is why we need a multilateral process. This is why we took on the challenge and hosted COP29 in Baku. And this is why we look forward to continuing to build partnerships with all parties in the years ahead," Babayev added.

By Tamilla Hasanova