Minister: Azerbaijan, UN discuss Baku Initiative on Climate Finance

Azerbaijan and the United Nations (UN) have held discussions on the Baku Initiative on Climate Finance, Investment and Trade (BICFIT), said Economy Minister Mikayil Jabbarov.

“The Baku Initiative for Climate Finance, Investment, and Trade (BICFIT) represents a promising opportunity to strengthen global collaboration in areas such as climate finance, investment, trade, and sustainable development,” Caliber.Az reports, citing Jabbarov’s post on X.

“In a video conference meeting with the Secretary General of the UN Conference on Trade and Development, Rebeca Greenspan, we discussed preparations for the upcoming High-Level Meeting on BICFIT, scheduled at COP29,” Jabbarov wrote.

He also emphasized BICFIT’s potential to drive inclusive climate finance, harness private sector contributions, and support global decarbonization efforts.

Azerbaijan’s collaboration with the United Nations has evolved significantly since it joined the organization in 1992, shortly after gaining independence. Over the years, Azerbaijan has engaged actively with various UN agencies and programs to address pressing global issues such as sustainable development, climate change, and humanitarian aid.

As a signatory to the Paris Agreement (international treaty on climate change), Azerbaijan has prioritized climate action, working closely with the UN to promote sustainable energy, environmental protection, and low-carbon development.

In recent years, Azerbaijan has focused on initiatives that align with the UN’s Sustainable Development Goals (SDGs), particularly in areas such as poverty reduction, clean energy, and industrial growth. 

By Khagan Isayev