Azerbaijani FM calls for climate finance commitments to go beyond $300 billion

Azerbaijan has urged developed countries to fully deliver their climate finance commitments and increase their ambition beyond the $300 billion annual target agreed at COP29 in Baku.

Speaking on September 9 at a High-Level Ceremony held as part of Climate Week, Azerbaijani Foreign Minister Jeyhun Bayramov said the commitments reached at the 2024 UN climate summit were essential to building trust between countries and accelerating global climate action, Caliber.Az correspondent reports from the venue.

“At the COP 29 in Baku, historic decisions were taken on climate finance, carbon markets and other areas of the Paris Agreement. [...] The Baku Finance goal must be duly honoured and delivered as a foundation of trust among parties. Its ambition should go beyond $300 billion, as demonstrated by the ‘Baku to Belém Roadmap,’ which shows that climate finance can be mobilised at a scale exceeding $1 trillion,” he said.

Bayramov said the decisions adopted at COP29 were designed to accelerate climate action and support countries that are ready to meet their commitments but lack the necessary resources.

He also highlighted Azerbaijan's efforts to expand renewable energy and strengthen its role in the global climate agenda.

“Azerbaijan submitted its third Nationally Determined Contribution aligned with the outcomes of the Global Stocktake. We are expanding our renewable energy capacity by commissioning major solar and wind projects, expanding hydropower and developing green energy projects with international partners. Looking ahead to 2030, the Green Energy Corridor project provides for around 6 gigawatts of extra solar and wind capacity,” he added.

According to Bayramov, Azerbaijan's plans are intended to go beyond the targets set by the First Global Stocktake, which calls for global renewable energy capacity to triple by 2030.

“We are determined to demonstrate that traditional energy producers can be pioneers of a green and sustainable future,” he noted.

By Sabina Mammadli