Minister: COP29 accords open new opportunities for private sector in green transition

The agreements reached at COP29 in Baku have paved the way for increased private sector participation in the global green transition, Azerbaijan's Ecology and Natural Resources Minister Mukhtar Babayev said.

Speaking at the World Economic Forum session on “The Road to COP30”,  Babayev hailed the outcomes of the conference as a significant success for the global community, Caliber.Az reports via local media.

According to him, before COP29, there were no inter-country documents or agreements with a firm commitment to contribute to the climate agenda.

He highlighted that the conference team has developed a program aimed at raising climate finance contributions to $1.3 trillion, engaging the International Bank for Reconstruction and Development and various stakeholders, including the private sector.

Looking ahead, Babayev expressed Azerbaijan's intention to collaborate closely with the Brazilian team for COP30, emphasising the importance of addressing new challenges while seizing emerging opportunities.

He also pointed out the growing negative impacts of climate change, noting that these effects are increasingly felt not only in developing countries but also in developed nations.

The 2025 UN Climate Change Conference (UNFCCC COP 30) will take place in November 2025 in Belém, Brazil. This conference will include several meetings: the 30th Conference of the Parties (COP 30), the 20th meeting of the Kyoto Protocol parties (CMP 20), and the seventh meeting of the Paris Agreement parties (CMA 7).

By Khagan Isayev