COP29 chief pushes $300 billion climate fund, methane action in London

Azerbaijan’s Minister of Ecology and Natural Resources, Mukhtar Babayev, who also serves as President of COP29, delivered a keynote address at the Steering Committee meeting of the Climate and Clean Air Coalition, held as part of London Climate Week.

According to the COP29 presidency’s official post on the social platform X, Babayev focused on the urgent need to cut emissions of methane and other non-carbon greenhouse gases, citing findings from the first Global Stocktake.

He underlined the significance of tackling these pollutants, which contribute significantly to global warming, and spotlighted the Baku Declaration on Reducing Methane Emissions from Natural Sources as a landmark development.

“The Baku Declaration, launched during COP29, has already garnered the support of 65 nations representing over half of global methane emissions,” Babayev noted, emphasising the growing international momentum behind the initiative.

He also stressed the pivotal role that upcoming national climate plans — known as Nationally Determined Contributions (NDCs) — will play in defining policy commitments and establishing priorities in the global climate agenda.

Babayev drew special attention to the Baku Financial Target, a bold initiative launched at COP29, which aims to mobilise $300 billion annually to support the climate needs of developing countries. He urged industrialised nations to lead the way: “Developed countries must show leadership in meeting this financial ambition,” he said.

Looking ahead, Babayev revealed that a joint roadmap, titled From Baku to Belém, is currently being crafted in cooperation with the COP30 presidency. This strategic plan will detail concrete mechanisms for raising $1.3 trillion per year in climate finance for developing nations by 2035.

By Tamilla Hasanova