Azerbaijan’s Deputy FM: COP29 achieved historic breakthrough on climate finance

Azerbaijan’s Deputy Foreign Minister and Chief Negotiator for COP29, Yalchin Rafiyev, took part in the conference titled “Connecting COP29 and COP30: Diplomacy, Action, and the Climate Path Ahead” held in Istanbul.

According to Azerbaijan’s Ministry of Foreign Affairs, the event was organised by the Consulate General of Azerbaijan in Istanbul, Caliber.Az reports.

The conference brought together representatives of the diplomatic corps accredited in the city, as well as international media.

Panel discussions featured Deputy Minister Rafiyev; Fatma Varank, Deputy Minister of Environment, Urbanisation and Climate Change of Türkiye; Professor Dr. Gürkan Selçuk Kumbaroğlu, Vice-Rector of Boğaziçi University; and Murat Altuğ Karataş, General Manager of VAT Energy.

In his speech, Deputy Minister Rafiyev emphasised that the decisions adopted at COP29 are of historic significance, especially the breakthrough on climate finance, which he described as the largest climate finance agreement ever negotiated within the UN system. He noted that it tripled the previous financial target. Under the joint COP29 presidency mandate of Azerbaijan and Brazil, work is now underway to prepare a report titled “The Roadmap from Baku to Belém”, which aims to scale up climate financing to $1.3 trillion. This roadmap is set to be presented at COP30.

Rafiyev further noted that negotiations under Article 6 of the Paris Agreement, which had remained stalled for a decade since its adoption, were finally agreed upon in Baku under Azerbaijan’s leadership. This enabled the launch of the global carbon market mechanism, marking another historic milestone.

He also highlighted that beyond the negotiation track, Azerbaijan's COP29 Presidency had introduced important initiatives under its Action Plan, and the number of state and non-state actors joining these initiatives continues to grow.

The Deputy Minister stressed that Türkiye is a worthy candidate to host COP31, and wished the brotherly country success in this effort. He added that, should Türkiye be granted the right to host the upcoming COP, Azerbaijan stands ready to share its successful experience and provide the necessary support.

During his visit, Rafiyev held bilateral meetings with Fatma Varank, Deputy Minister of Environment, Urbanisation and Climate Change of Türkiye, as well as with the Secretaries-General of the Organisation of the Black Sea Economic Cooperation and the D-8 Organisation for Economic Cooperation.

By Tamilla Hasanova