COP29 Sustainable Business Forum kicks off in Baku

The conference “Raising Ambition, Enabling Action: COP29 Sustainable Business Forum” has commenced in Baku on May 17, Azernews reports.

Alessandra Roccasalvoya, Acting Resident Representative of the United Nations Development Program (UNDP) in Azerbaijan, emphasised, "Participants of COP29 in Baku will engage in discussions and take actions to ensure a sustainable future for the next generations."

"We are proud to bolster the partnership between UNDP and the Government of Azerbaijan," she stressed.

She further highlighted that organising such business forums is an integral aspect of the "green transition" and sustainable development:

"The Sustainable Business Forum convenes diverse stakeholders to foster dialogue and cooperation, enhancing business involvement in climate change mitigation and adaptation."

Speaking on the urgency of combating climate change, A. Roccasalvoya underscored that global warming adversely affects all nations:

"Climate change extends beyond air pollution, encompassing water issues as well. Addressing these challenges necessitates international cooperation. Therefore, Azerbaijan hosts COP29 to convene parties for discussions, problem-solving, and securing the future for generations to come."

During the address by Deputy Minister of Economy, Sahib Mammadov, Azerbaijan expressed its readiness to collaborate with all stakeholders to establish financing mechanisms in the energy transition, a central theme of COP29.

He noted that despite Azerbaijan's status as an oil and gas producer, the nation's agenda prioritises green energy. The Karabakh and East Zangezur economic regions have been designated as "green" energy zones. By 2030, the aim is to increase the share of alternative and renewable energy sources in total energy production to 30%.

S. Mammadov highlighted several initiatives proposed to ensure COP29's success, achieve common goals related to environmental sustainability and climate action, and outline ongoing efforts to implement these initiatives:

"One key initiative is the establishment of a specialised Climate Finance Fund aimed at financing climate projects in developing countries. This Fund, funded by member parties' fossil fuel exports, provides a stable source of finance for climate initiatives. It stimulates investments in renewable energy, energy efficiency, and other climate-related projects, thereby aiding countries in reducing carbon emissions, enhancing energy security, and fostering sustainable development."

At the forum, Azerbaijani MP and UN High-Level Champion on Climate Change for COP29, Nigar Arpadarai, addressed the main priorities of the event: "Azerbaijan, as a nation committed to upholding international law, is deeply concerned about the global climate crisis," she stated.

She emphasised the crucial role of the private sector in addressing climate change, noting its significant influence on supply chain transformation.

Regarding the transition to a green economy, she emphasised the need for substantial funding: "Governments cannot achieve this alone. Hence, unwavering support from the private sector is essential."