Baku launches historic dialogue initiative at COP29 to connect climate finance and trade

The Baku Initiative for Dialogue on Climate Finance, Investment, and Trade (BICFIT) was officially launched at COP29, marking a historic milestone as part of the event’s Thematic Day on Finance, Investment, and Trade.

This is the first time such a dedicated day has been featured at a COP conference.

BICFIT is one of the flagship initiatives under Azerbaijan's leadership at COP29, aimed at fostering global collaboration in climate finance and sustainable development, according to the Ministry of Economy, Caliber.Az reports via local media.

The BICFIT dialogue is being organized in partnership with several key international organizations, including the United Nations Conference on Trade and Development (UNCTAD), the United Nations Development Programme (UNDP), the World Trade Organization (WTO), and the International Trade Centre (ITC).

The initiative is also supported by various COP presidencies, multilateral development banks, climate funds, civil society organizations, global think tanks, and academic institutions.

This initiative aligns with the goals of the UN Framework Convention on Climate Change (UNFCCC) and the Paris Climate Agreement, aiming to create an innovative, inclusive platform for dialogue and partnerships between global climate, trade, finance, and development stakeholders. The focus is on strengthening the links between finance, investment, trade, and sustainable development.

In his speech, Mikail Jabbarov, Azerbaijan's Minister of Economy, highlighted the importance of the initiative, particularly for developing countries. He noted that BICFIT would serve as a vital platform for promoting trade-oriented climate policies, enhancing capacity building in climate finance and trade, and attracting foreign direct investment to support climate action.

Rebeca Greenspan, Secretary-General of UNCTAD, and Achim Steiner, Administrator of UNDP, also spoke at the event, emphasizing the significance of the initiative in addressing the challenges of climate finance and sustainable trade.

The BICFIT Dialogue aims to foster integrated approaches to climate action by enabling knowledge sharing, promoting climate investment, and co-developing solutions through collaborative dialogues. It will also facilitate coordination and the development of new partnerships while contributing to the design and preparation of climate projects that align climate goals with broader development objectives.

By Tamilla Hasanova