Azerbaijan to host first Renewable Energy Investment Forum in Asia

Director-General of the International Renewable Energy Agency (IRENA) Francesco La Camera has said that Azerbaijan’s capital Baku will host the first-ever investment forum on renewable energy projects in Asia in June 2025.

La Camera made these remarks during a press conference at the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Caliber.Az reports via local media.

He highlighted that the recent similar forum, held in West Africa, had yielded positive results.

IRENA director-general added that IRENA is optimistic about achieving positive outcomes following the discussions held in Baku. 

He noted that it was important to recognise Azerbaijan's leadership in the region, particularly in the implementation of renewable energy projects, as this would create significant opportunities for the development of renewable energy sources in the region.

La Camera further emphasised that IRENA is working closely with countries on energy planning, its further implementation, as well as the transformation and streamlining of financing mechanisms.  

COP29, being held from November 11 to 22 at Baku Stadium, represents Azerbaijan's largest and most significant international event to date, marking the first time the country has hosted a COP summit. The event began with the signing of a Host Country Agreement and other important documents between the Azerbaijani government and the UN Framework Convention on Climate Change (UNFCCC) Secretariat.

A central focus of COP29 is the establishment of a fair and ambitious New Collective Quantitative Goal (NCQG) for climate finance. In line with this, the presidency of COP29 has introduced 14 key initiatives that link climate action to the United Nations Sustainable Development Goals (SDGs). These initiatives cover areas such as green energy corridors, energy storage, climate resilience, clean hydrogen, methane reduction from organic waste, and the development of green digital technologies. One of the flagship proposals is the creation of a Climate Finance Action Fund, aimed at supporting the critical goal of limiting global warming to 1.5°C. 

Throughout COP29, Azerbaijan has demonstrated its commitment to climate action and environmental protection. The unanimous decision to elect Azerbaijan as the host for this summit underscores the global community’s trust in the country’s leadership on climate issues. In his opening remarks, President Ilham Aliyev emphasized Azerbaijan’s pivotal role in global climate efforts, underscoring the country’s dedication to mitigating climate change and advancing sustainable development.

By Naila Huseynova