Azerbaijan updates COP29 roadmap to scale climate finance to $1.3 trillion PHOTO

Azerbaijani Deputy Foreign Minister and COP29 Chief Negotiator Yalcın Rafiyev has presented an update on the roadmap “Baku to Belém Roadmap to $1.3T,” launched in Baku during COP29 in conjunction with the COP30 Presidency.

“Deputy Foreign Minister and COP29 Chief Negotiator Yalchin Rafiyev presented update on the Baku to Belém Roadmap to USD 1.3T, launched in Baku during COP29, together with the COP30 incoming Presidency,” Caliber.Az cites the COP29 Azerbaijan’s post on X as saying.

“The Presidencies underscored the inclusive nature of consultation process they had with all stakeholders to work out a Roadmap that includes practical actions to scale up climate finance for developing countries to at least USD 1.3 trillion per year by 2035,” the post reads.

The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) took place from November 11 to 24, 2024, in Baku, Azerbaijan, under the theme "In Solidarity for a Green World." Dubbed the "Finance COP," it focused on establishing a new collective quantified goal (NCQG) for climate finance, operationalising key mechanisms from prior COPs, and advancing adaptation and mitigation efforts.

Parties agreed to mobilise at least $300 billion annually by 2035 from public and private sources to support developing countries' mitigation and adaptation efforts, tripling the previous $100 billion target.

The 2025 United Nations Climate Change Conference (COP30) is scheduled to take place from November 10 to 21, 2025, in Belém, Pará, Brazil. This marks the 30th session of the Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC). The central focus of COP30 is the "Baku to Belém Roadmap to $1.3 Trillion", which aims to increase climate finance for developing countries to at least $1.3 trillion per year by 2035. This initiative seeks to mobilise both public and private investments to support climate action in vulnerable nations.  

By Khagan Isayev