By Nazrin Abdul

One of the next concrete steps will be the second phase of the energy transition, which will include identifying suitable projects to be held in Baku during Baku Energy Week in the middle of next year.

IRENA's Director for Mutual Cooperation with Countries, Gurbuz Gonul, made this statement at the COP29 Investment Forum on energy transition issues in Central Asia.

"It remains to be seen what the next steps will be: more detailed discussions and consultations with governments will take place to determine the main priorities of the energy transition, both at the individual country level and the regional level, taking into account the clearly regional nature of the initiative.

We will then prepare work plans at both the country and regional levels to identify where technical support is needed, how to support the development and implementation of projects, and how to encourage more active participation from the private sector in the energy transition," he said.

It should be noted that the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) opened on November 11.

The highest-level event within COP29—the Climate Action Summit of World Leaders—was held on November 12-13.

COP29, which will take place at the Baku Stadium until November 22, is the largest event Azerbaijan has ever organized, and it is the first time it has been held in the region.

A key expectation from COP29 is the agreement on a fair and ambitious New Collective Quantitative Goal (NCQG) for climate finance.

Fourteen initiatives have been put forward by the COP29 Presidency, which include linking climate action to sustainable development goals, promoting green energy corridors, green energy storage, harmony for climate sustainability, clean hydrogen, methane reduction in organic waste, green digital action, and other topics.

Creating climate finance will contribute to meeting the 1.5°C commitment by bringing all stakeholders together, and it is a key priority for enabling effective action.