Deputy FM: Financial disputes fuel climate tensions

Financial disputes are further inflaming disagreements over climate action, Azerbaijan’s chief COP29 negotiator has warned.

Speaking at an international scientific conference on economics and governance, Deputy Foreign Minister Yalchin Rafiyev said that financial issues are intensifying already sensitive political debates surrounding climate change, Caliber.Az reports, citing local media.

“Climate change is a politically charged and highly sensitive issue,” Rafiyev told delegates. “Financial mechanisms only exacerbate existing divisions. However, science plays a critical role in bridging these gaps.”

Rafiyev noted that hosting COP29 had been a major experience for Azerbaijan, both in logistical terms and in shaping collective outcomes.

“Drawing on scientific data, statistics, and other objective information allows for the development of shared positions. This has given us a major advantage during negotiations,” he said.

Note that COP29 in Baku, held from November  11 to 22, 2024, welcomed around 70,000–80,000 international delegates, including approximately 80 heads of state, marking a major milestone for climate diplomacy. 

The capital buzzed with energy and solidarity from Day 1, as global leaders and citizens alike gathered to confront urgent climate challenges.

A central result of the summit was making the Loss and Damage Fund fully operational, providing vital financial support to nations most vulnerable to climate impacts. Alongside, participants approved the New Collective Quantified Goal (NCQG)—a commitment to raise $300 billion annually by 2035 to aid developing countries.

Additional forward steps included launching a roadmap for carbon markets under Article 6, reinforcing the Baku Adaptation Roadmap, and emphasising inclusive climate action by extending gender-focused initiatives.

Locally, Baku showcased its green transformation efforts: Azerbaijan held its first renewable-energy auction, introduced accessibility-focused measures at Baku Stadium (such as sign language and Braille services), and unveiled digital and methane-reduction strategies.

President Ilham Aliyev hailed COP29 a "turning point" in climate diplomacy, praising Azerbaijan’s impartial role in mediating between developed and developing nations.

Despite political criticism, the conference proceeded smoothly, highlighting Baku’s capacity as a global hub for climate action and dialogue.

By Aghakazim Guliyev