Georgian minister: COP29 opens new investment and trade opportunities PHOTO

The COP29 climate conference hosted by Baku in November 2024 has become one of the most significant events for the region, said Minister of Environmental Protection and Agriculture of Georgia, David Songulashvili.

The minister made the remarks during the “Agriculture Mobilising Countries for Nature” conference held as part of the Caspian Agro and InterFood Azerbaijan exhibitions in Baku, Caliber.Az reports, citing local media.

According to him, the decisions made at COP29 create conditions for the development of new investment opportunities and trade relations.

“This opens up additional opportunities and new prospects for countries. Two key areas — the mobilisation of financial resources and the creation of new investment opportunities — have become among the greatest achievements of COP29. This initiative by Azerbaijan has delivered significant results not only for Azerbaijan, but also for the region and the world as a whole,” the minister said.

The 29th UN Climate Change Conference (COP29), held in Baku, Azerbaijan, in November 2024, marked a significant milestone in global climate negotiations. Despite facing challenges and criticisms, the conference achieved several notable outcomes.

One of its most important outcomes was the agreement by developed countries to mobilise at least $300 billion annually by 2035 to support climate action in developing nations—tripling the previous commitment. This new finance goal, part of the Baku Climate Unity Pact, is also tied to a broader roadmap to scale global climate finance to $1.3 trillion per year by 2035, involving both public and private sources.

Another major achievement was the operationalisation of the Loss and Damage Fund, long demanded by vulnerable nations. With over $730 million in pledges, the fund is set to begin financing projects in 2025, helping countries recover from climate-induced disasters and adapt to long-term environmental challenges. COP29 also finalised the long-delayed rules for international carbon markets under Article 6 of the Paris Agreement, enabling countries to cooperate on reducing emissions through trading systems.

The conference enhanced global climate governance by introducing new transparency frameworks, including the launch of the Baku Global Climate Transparency Platform to help developing countries report progress more effectively. It also placed greater emphasis on inclusivity, adopting the Baku Workplan to ensure indigenous peoples and local communities have a stronger voice in climate policy. Sector-specific initiatives included pledges to expand global energy storage, integrate water management into adaptation efforts, and deliver tailored climate information to farmers to strengthen resilience.  

By Khagan Isayev