Finance takes centre stage at COP29, says president-designate

As the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) approaches, President Mukhtar Babayev has highlighted that finance will be a central theme of the event.

In an interview with local media, Babayev, who also serves as Azerbaijan's Minister of Ecology and Natural Resources, outlined the key topics expected to dominate the discussions, Caliber.Az reports.

“The main focus of COP29 will be on financial aspects,” Babayev stated, elaborating that one of the significant agenda items will be the alignment of articles related to the carbon market, as outlined in Article 6 of the Paris Agreement.

“Progress is being made in several areas, but discussions are ongoing,” he noted, emphasizing that some of the most critical debates are anticipated to occur during the final days of the conference.

In addition to financial issues, COP29 will address the Loss and Damage Fund, which aims to support countries most affected by climate impacts. Other vital topics on the agenda include drinking water issues and glacier melting. Babayev stressed the need for global adaptation measures to cope with the accelerating effects of global warming.

“Rational water use is a serious issue and concerns all countries,” he added.

With these pressing issues on the table, COP29 is set to be a pivotal moment for advancing international climate policy and addressing the challenges posed by climate change.

Baku will host the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) from November 11-22, 2024.

The Conference will address a wide range of topics including air emissions in trade, energy, tourism, and transport.

Additionally, COP29 will tackle critical themes such as gender equality, education, and urbanization.

Baku will become the centre of the world and will receive about 70,000–80,000 foreign guests.

By Khagan Isayev