Baku: Azerbaijan is advancing its climate finance initiatives by developing a $1.3 trillion roadmap in collaboration with Brazil, as announced by Mukhtar Babayev, the Special Representative of the President of the Republic of Azerbaijan on Climate Issues and President of COP29, during his address at the Baku Energy Forum.
According to Azeri-Press News Agency, Babayev highlighted Azerbaijan’s commitment to leading the climate agenda following the successful conclusion of COP29. He emphasized that Azerbaijan is once again reaching out to international partners, energy companies, and renewable energy suppliers to participate in this ambitious initiative.
Babayev pointed out that the mobilization of $300 billion in climate finance under COP29 is a significant milestone, marking the first instance of such a substantial financial commitment within the framework of UN climate negotiations. He explained that this amount was sourced from public and donor contributions, and while some anticipated higher commitments, the $300 billion figure was achieved through a realistic approach.
During the forum, Babayev introduced the ‘From Baku to Belem’ roadmap, an initiative aimed at expanding climate finance from $300 billion to $1.3 trillion. He stated that Azerbaijan is working closely with Brazil to achieve this target, utilizing various financial sources, including the private sector, international financial institutions, philanthropic foundations, and South-South cooperation.