COP29: Baku, Muscat discuss cooperation in investment and sustainable development

Azerbaijan's Minister of Economy, Mikayil Jabbarov, has met with Ibrahim Al-Eisri, Chief Investment Officer of the Sultanate of Oman’s Investment Authority as part of the ongoing COP29 climate conference.

The meeting highlighted the positive economic dynamics between Azerbaijan and the Gulf Arab states, including Oman, as reported by Caliber.Az.

Both sides discussed the role of Oman's Investment Authority in creating government-to-government (G2G) funds, as well as opportunities for bilateral and regional partnerships in this area.

The gathering also explored the strategic investment potential between the two countries, which is expected to foster sustainable development in industries such as "green" energy, logistics, and more

Notably, COP29, which began on November 11, will run through November 22. The decision to host COP29 in Azerbaijan, a country with extensive experience in organizing international events, was made during the plenary session of COP28 in Dubai on December 11, 2023. 

As part of the conference, Baku currently hosts 70,000 and 80,000 international guests, including leaders from governments, businesses, and civil society, all working together to find tangible solutions to the record-high global temperatures and extreme weather events that are affecting people worldwide.

A central focus of COP29 is finance, as trillions of dollars are needed for countries to significantly reduce greenhouse gas emissions and protect lives and livelihoods from the growing impacts of climate change.

The conference also serves as a critical moment for nations to present their updated national climate action plans under the Paris Agreement, which are due by early 2025. If implemented correctly, these plans will help limit global warming to 1.5°C above pre-industrial levels, while also serving as investment strategies that support the Sustainable Development Goals.

By Khagan Isayev