Minister: Baku–Berlin Roadmap aims to mobilize $1.3 trillion in climate finance

Speaking at the opening of the Second Baku Climate Action Week, Mukhtar Babayev, President of COP29 and the Special Representative of the President of Azerbaijan for Climate Issues, outlined Azerbaijan’s achievements during COP29 and its ambitious roadmap for the future.

Babayev stressed that Azerbaijan, once considered too small to host such a monumental event, proved the skeptics wrong under the leadership of President Ilham Aliyev.

“Hosting COP29 was both a moral duty and a strategic opportunity,” he said. “By welcoming over 70,000 participants and 80 world leaders, we organized the second-largest COP in history and showcased our region to the world.”

He highlighted that COP29 was not only a logistical success but also delivered historic outcomes. Among them was the long-delayed conclusion of negotiations on carbon markets, expected to channel trillions of dollars into climate projects in developing countries. Azerbaijan’s banking sector alone pledged $1.2 billion to green projects, while the Asian Development Bank committed $3.5 billion to tackling glacial melt. International financial institutions pledged to provide $170 billion annually by 2030, and global asset managers controlling more than $10 trillion joined Azerbaijan’s initiatives.

Another milestone was the launch of the Loss and Damage Fund, now operational and ready to disburse resources this year. Perhaps most significantly, COP29 saw donor countries commit to mobilizing at least $300 billion in annual climate finance starting in 2035—the largest financial target ever set within the UN climate process.

Building on this, Babayev announced that Azerbaijan, together with Berlin, is preparing the Baku–Berlin Roadmap, designed to raise climate finance to $1.3 trillion annually from all sources.

“These are not just numbers on paper,” Babayev said. “They will translate into real results through initiatives in peacebuilding, energy storage, hydrogen, digitalization, methane reduction, sustainable cities, tourism, water management, as well as programs in trade, investment, agriculture, human development, and transparency.”

Babayev also underscored that Azerbaijan’s COP29 presidency remains active. In New York earlier this month, alongside UN Secretary-General António Guterres, Baku reminded donors of their pledges. Preparations are also underway for the 2026 World Urban Forum, which will be hosted in the Azerbaijani capital.

Expressing gratitude to all who contributed to COP29’s success, Babayev emphasized that it was a true example of national solidarity: “President Aliyev’s vision, the efforts of ministries, businesses, civil society, and the hospitality of thousands of volunteers made this achievement possible. We proved that when a nation unites around a shared goal, it can accomplish anything.”

Concluding his address, Babayev called on participants to carry forward the spirit of solidarity and ambition that defined COP29: “Every action matters, every fulfilled promise brings hope, and every new partnership strengthens our chance to build a safer, greener, and more peaceful world.”