Azerbaijani deputy FM calls for unified effort towards carbon-free future

Azerbaijan’s Deputy Foreign Minister, COP29 Lead Negotiator Yalchin Rafiyev emphasized the need for collaboration across all sectors to accelerate the transition to a carbon-free future.

Addressing the closing ceremony of “The Business, Investment and Philanthropies Climate Platform,” organized in partnership with the Export and Investment Promotion Agency (AZPROMO), Rafiyev stressed the importance of joint efforts from governments, financial institutions, philanthropic organizations, and civil society, Caliber.Az reports via local media.

The event, which brought together a diverse range of stakeholders, highlighted the critical role of finance and investment in achieving the objectives of the Paris Agreement and the Sustainable Development Goals. Rafiyev underscored that the discussions at the platform demonstrated the power of collaboration and a shared commitment to advancing climate finance.

"Our discussions underscored the indispensable role of finance and investment in addressing climate change. We explored innovative financing solutions and the key role of foreign direct investment in driving progress. Public-private partnerships were also identified as critical for unlocking transformative potential,” Rafiyev stated.

The event highlighted a pressing issue: the need to close the $1 trillion gap in global climate finance. The participants discussed ways to increase investment in climate action, emphasizing the need for both public and private capital to meet global climate targets.

Co-organized by the COP29 Presidency, Azerbaijan’s Ministry of Economy, and the High Level Champion, “The Business, Investment and Philanthropies Climate Platform,” aims to unite leaders from business, finance, and philanthropy to promote joint action towards achieving the Paris Agreement goals.

The event, featuring multiple segments, focused on climate finance measures to 2030, accelerating public-private collaboration to increase foreign direct investment for climate action, promoting decarbonization solutions, financing for climate adaptation and resilience, and fostering dialogue among climate leaders.

By Vafa Guliyeva