Azerbaijani Deputy FM discusses COP29 outcomes at Munich Security Conference

Azerbaijani Deputy Foreign Minister Yalchin Rafiyev took part in the panel discussion “COP30 Road to Belém: The Results of COP29 and a Look into the Future”, held on the sidelines of the Munich Security Conference.

The event was organized by Deloitte, and Rafiyev shared insights about the discussion on his social media page on X, per Caliber.Az.

He highlighted the significance of the decisions made at COP29, stating that the agreements reached in Baku under the Baku Climate Alliance marked a turning point in climate negotiations, especially amid the complex geopolitical climate leading up to the conference. He also reaffirmed Azerbaijan’s commitment to supporting and cooperating with Brazil for the successful organization of COP30.

The next UN Climate Change Conference, COP30, will be held in November 2025 in Belém, Brazil. The conference will bring together global leaders, climate experts, and policymakers to advance international climate commitments. It will also include key meetings related to the Kyoto Protocol, the Paris Agreement, and the UNFCCC’s subsidiary bodies, focusing on both scientific and implementation aspects of climate action.

COP29, which took place in Baku from November 11 to November 22, 2024, was a landmark event in global climate diplomacy. Azerbaijan was selected as the host during COP28 in Dubai, recognizing the country’s experience in organizing high-profile international events. The conference brought together around 70,000 participants, including political leaders, environmental specialists, and representatives from various sectors.

One of the most significant outcomes of COP29 was the introduction of the Baku Finance Goal (BFG), a bold initiative by Azerbaijan’s COP29 Presidency to mobilize $1.3 trillion annually for climate finance in developing countries. This represents a significant increase from the previous $100 billion commitment. As part of this ambitious framework, developed nations pledged to allocate at least $300 billion per year to climate projects in developing countries, tripling previous commitments.

The financial commitments made during COP29 are expected to drive major investments in sustainability and play a crucial role in addressing climate change. By significantly increasing climate financing, Azerbaijan’s leadership at COP29 has set the stage for stronger international cooperation and accelerated climate action in the years to come.

By Tamilla Hasanova