Azerbaijan, UNCTAD discuss climate finance, global decarbonisation process

Azerbaijani Economy Minister Mikayil Jabbarov held a meeting in the format of a videoconference with Secretary General of the UN Conference on Trade and Development (UNCTAD) Rebeca Grynspan.

The meeting discussed issues of preparation for the Baku Initiative High-Level Meeting on Climate Finance, Investment and Trade (BICFIT), which will be held within COP29, Caliber.Az informs, citing Azerbaijan’s Ministry of Economy.

It was noted that BICFIT has great potential to create global synergies by bringing together climate finance, investment, trade and sustainable development issues.

The discussions that will take place under BICFIT can play a meaningful role in shaping climate finance in an inclusive manner, harnessing the potential of the private sector and the global decarbonisation process.

The initiative includes a number of important objectives, including supporting sustainable development, promoting investment in green diversification and international exchange of experience in this direction. 

The parties noted that the UNCTAD and the United Nations Development Programme (UNDP), represented in the respective Global Working Group on COP29, are the UN focal points for Azerbaijan's BICFIT initiative.

Notably, Azerbaijan maintains cooperation with a wide range of specialized UN agencies and bodies in a very active and effective manner - UNDP, UNICEF, UNHCR, UNESCO, UNCTAD, IAEA, UNIDO and etc. Different projects and programmes aimed at improving living standards, structural adjustments of economy are carried out in close cooperation with them.

Azerbaijan's cooperation with the UNCTAD has primarily focused on fostering economic development, enhancing trade capacities, and promoting sustainable development goals (SDGs).

Azerbaijan’s collaboration with the United Nations has evolved significantly since it joined the organization in 1992, shortly after gaining independence. Over the years, Azerbaijan has engaged actively with various UN agencies and programs to address pressing global issues such as sustainable development, climate change, and humanitarian aid.

By Khagan Isayev