This November, Azerbaijan will take centre stage as it hosts the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29). As the largest international event of its kind, COP29 signifies a significant task and responsibility for the global community in addressing climate change.
The financial imperative for implementing large-scale climate projects continues to escalate each year. During extensive negotiations, countries advocate for financial support across various sectors, including climate mitigation, adaptation, and resilience. Notably, pledges to create a $100 billion fund underscore the urgency of financing solutions.
On May 1, President Ilham Aliyev highlighted the pivotal role of financial resources in tackling climate challenges at the World Intercultural Dialogue Forum. COP29 is poised to prioritise this crucial topic.
At the workshop on strengthening capacity in the preparation of Biennial Transparency Reports held on May 13, 2024, the regional coordinator of COP29, the representative of the UN Development Program, Nuri Ozbaghdati, emphasised the importance of financing in the fight against climate change.
It should be noted that the Coalition of Finance Ministers for Climate Action is operating in order to mobilise financial resources for the acceleration of measures related to climate change.
Furthermore, Azerbaijan's Minister of Ecology and Natural Resources, Mukhtar Babayev, called for collaboration within the Coalition of Finance Ministers for Climate Action to ensure a successful COP29 at the 11th meeting of the coalition held on April 18, 2024.
This coalition, comprising about 100 countries and global institutions like the World Bank and UN agencies, aims to mobilise financial resources for climate initiatives worldwide.
In his comment to Azernews, Ayaz Museyibov, advisor to the executive director of the Centre for Analysis and Communication of Economic Reforms, emphasised the significance of multi-stakeholder engagement in climate action.
"The more platforms and stakeholder participation are ensured, the more 'ownership' and 'responsibility' indicators there are in climate-related issues."
Cooperation with the coalition offers a platform for diverse countries with varying development needs to unite in combating climate change and utilising financial resources effectively.
"Cooperation in these issues allows states and parties with different development characteristics and therefore also interests to unite within a platform for the distribution and use of financial resources to combat and adapt to climate change."
Cooperation with the Coalition of Finance Ministers for Climate Action can also contribute to the effective use of financial resources for the fulfilment of global climate commitments, he emphasised.
"Consider that this coalition comprises approximately 100 countries and prominent global institutions such as the World Bank, International Monetary Fund, Asian Development Bank, European Investment Bank, UN agencies, Organization for Economic Cooperation and Development, among others. These institutions represent developed countries with significant financial resources and global influence."
Azerbaijan's potential membership in the coalition signifies its commitment to global climate efforts. This collaboration aligns with the COP29 Conference's mission to encourage new commitments and concrete actions towards addressing the climate crisis.
Moreover, COP29 provides a platform for Azerbaijan to showcase its vision for regional security, energy transition, and green growth. Initiatives such as creating green zones in Karabakh and developing wind and solar energy projects demonstrate Azerbaijan's dedication to sustainable development and its contribution to global climate discussions.
In essence, Azerbaijan's active participation in COP29 and collaboration with the Coalition of Finance Ministers for Climate Action reaffirm its commitment to building a resilient and sustainable future for generations to come.
---
Follow us on Twitter @AzerNewsAz
