Azerbaijan, UNCTAD discuss climate financing, trade at UN General Assembly

As part of the 79th session of the UN General Assembly and New York Climate Week, a bilateral meeting took place between Azerbaijan's Minister of Ecology and Natural Resources, COP29 President-Designate Mukhtar Babayev, and the Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), Rebeca Grynspan.

The meeting addressed issues concerning climate financing, investments, and trade under the Baku Initiative on Climate Financing, Investments, and Trade (BICFIT), Caliber.Az reports per local media.

It was noted that UNCTAD, which represents the Global UN Task Force for COP29, along with the United Nations Development Programme (UNDP), plays a coordinating role in implementing the BICFIT initiative proposed by Azerbaijan.

Furthermore, the COP29 presidency is working closely with the World Trade Organization (WTO), the International Trade Centre (ITC), and other international partners on this initiative.

Mukhtar Babayev informed Rebeca Grynspan that under Azerbaijan's chairmanship, COP29 will, for the first time, feature a thematic day dedicated to climate financing, investments, and trade. The Minister stated that a Trade and Investment House will be organised with the support of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO), under the Ministry of Economy, and in collaboration with partners such as the WTO, UNCTAD, the ITC, and the International Chamber of Commerce.

Babayev emphasised the importance of the new and innovative BICFIT initiative, which has been proposed by the COP29 presidency, noting that its main objective is to integrate climate financing, investments, trade, and sustainable development to ensure global synergy. He highlighted that the establishment of free green economic zones worldwide could be one of the first outcomes of BICFIT and a lasting legacy of COP29. The COP29 presidency is conducting extensive consultations with stakeholders, and on 13th September 2024, a special session on the BICFIT initiative was held in Geneva as part of the WTO Global Public Forum, with the participation of various countries and partners.

Rebeca Grynspan, in turn, thanked the Azerbaijani government for its support in organising a dedicated thematic day on climate financing, investments, and trade at COP29, as well as for assisting in the creation of the Trade and Investment House. She praised the BICFIT initiative, highlighting its potential for strengthening the links between climate financing, investments, trade, and development, and expressed her support for the COP29 President's proposal to include the BICFIT dialogue component in the World Investment Forum, which UNCTAD organises every two years.

At the end of the meeting, both parties signed a letter of intent to further develop the BICFIT initiative in collaboration with other partners.