Washington hosts conference on green finance Ahead of COP29

In anticipation of COP29, a conference on green finance took place at Johns Hopkins University in Washington, D.C.

The event was jointly organized by the American Chamber of Commerce in Azerbaijan, the International Trade Administration, and the US Department of Commerce, Caliber.Az reports via local media.

Representatives from the Azerbaijani Embassy, US public and private sectors, and academia were in attendance.

In his opening remarks, Natig Bakhishov, executive director of the US-Azerbaijan Chamber of Commerce, emphasized the goal of fostering green finance across all societal segments and promoting decision-making mechanisms informed by academic research. He noted that these discussions would aid in establishing necessary partnerships during Azerbaijan's presidency of COP29 and developing strategies for a low-carbon, sustainable future for both Azerbaijan and the global community.

Deputy Assistant Secretary for Manufacturing at the US Department of Commerce, Heather Evans, highlighted the long-term cooperation between the Department of Commerce and the US-Azerbaijan Chamber of Commerce. He expressed that the United States values its partnership with Azerbaijan, which has lasted over 30 years.

Evans stated that COP29 could serve as a positive step for bilateral economic interaction, with US companies playing a crucial role in Azerbaijan’s development through technology and services in energy, transport, and technology sectors.

Azerbaijan's Ambassador to the US, Khazar Ibrahim, addressed the urgent realities of climate change, citing recent hurricanes in the US and emphasizing that small island developing states are among the most affected. He underscored the need for joint international actions and highlighted that Azerbaijan’s focus for COP29 centers around climate finance.

Deputy Energy Minister Elnur Soltanov discussed Azerbaijan's efforts to attract climate finance, aligning with the themes of the Kyoto Protocol and Paris Agreement. He stressed the importance of achieving the target of limiting global warming to 1.5°C and advocated for coordinated actions between public and private sectors for effective climate initiatives.

The conference included panel discussions featuring representatives from the US Department of Energy, the Export-Import Bank of the United States, Goldman Sachs, Boston Consulting Group, Carlyle, Boeing, Honeywell, Leidos, and other organizations. Topics included mobilizing financial resources for sustainable projects, enhancing resilience, reducing financial risks, transitioning to a low-carbon economy, and making evidence-based decisions in the green transition.

By Vafa Guliyeva