COP29 breakthrough: Azerbaijani minister announces progress on Paris Agreement mechanisms

A significant breakthrough in the global climate talks at COP29 has been achieved with progress in the discussions surrounding Article 6.4 of the Paris Agreement, according to Azerbaijan’s Minister of Economy, Mikayil Jabbarov.

Jabbarov shared positive developments during his address to journalists on the margins of COP29, highlighting the collaborative efforts underway, Caliber.Az reports.

“This will be one of the key topics for discussion at the upcoming session, and I believe I will be able to address it as well. When it comes to finance, this is indeed the central focus of this COP,” Jabbarov stated.

The discussions on Article 6.4, which deals with the mechanisms for carbon markets, have taken a positive turn, with countries agreeing on a new framework.

Jabbarov emphasised the historic nature of this agreement: “For over a decade, a common solution had eluded us, but during the initial days of the Baku COP, countries have now agreed on a mechanism, demonstrating that we can collaborate effectively when we join forces.”

According to Jabbarov, the carbon market mechanisms are poised to play a key role in financing climate action, which has been a major focus of this year’s talks. “The carbon market mechanisms will provide the necessary resources to support financing,” he explained.

A joint statement by Multilateral Development Banks (MDB), released earlier today, further solidified the commitment to climate action, with a pledge to dedicate $120 billion annually by 2030. Jabbarov referred to this as “significant progress” but noted that continued efforts would be required to sustain the momentum. “Of course, further work is required as discussions continue, but what is crucial is that the spirit of cooperation is evident.”

This progress is seen as a key milestone in Azerbaijan’s presidency of COP29, and Jabbarov reaffirmed Azerbaijan’s commitment to furthering these developments under its leadership.

“This is part of Azerbaijan’s initiative, as the presidency has stated, along with the establishment of a climate finance fund and facility, which will be based on inclusion and participation, particularly for fuel-producing nations, companies, and corporations,” he said.

Looking ahead, Jabbarov highlighted the critical year ahead in the lead-up to COP30, underscoring Azerbaijan’s dedication to securing the necessary commitments for effective climate financing.

“We are committed to dedicating the upcoming year, under Azerbaijan’s presidency, to ensuring the necessary commitments and progress on this issue.”

Since November 11, Azerbaijan has been hosting presidents, prime ministers, and dignitaries from around the world, as well as heads of global organisations, for the COP29 climate change conference.

Over the two weeks, from November 11 to 22, Baku is expected to welcome between 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