From energy strategy to global diplomacy: Azerbaijan's COP29 leadership amidst climate finance challenges [COMMENTARY]

Azerbaijan has secured another notable milestone by winning the bid to host the 29th session of the Conference of the Parties (COP29) to the Framework Convention on Climate Change, underscoring its growing role on the global environmental stage. Despite its traditional reliance on oil and gas exports, Azerbaijan has increasingly positioned itself as a champion of sustainability and a leader in promoting the "green economy" within the region.

The country's commitment to environmental stewardship stretches back years. At the historic UN Summit in September 2015, Azerbaijan joined world leaders in adopting the "2030 Agenda for Sustainable Development," committing to a comprehensive approach that integrates environmental preservation with socio-economic progress.

In a significant step towards global climate action, Azerbaijan signed the Paris Agreement on April 22, 2016, enhancing its obligations under the UN Framework Convention on Climate Change. By October 2015, Azerbaijan had submitted its ambitious "Nationally Determined Contributions" (NDC), outlining plans to slash greenhouse gas emissions by 35% by 2030, compared to 1990 levels.

Looking ahead, Azerbaijan solidified its climate commitments during COP26 in Glasgow in 2021, targeting a 40% reduction in its global climate impact by 2050. Central to these efforts is the development of renewable energy sources, which has become a cornerstone of Azerbaijan's strategy to achieve sustainable energy independence. By the end of 2027, Azerbaijan plans to have nine solar and wind power stations operational, collectively capable of generating 2 gigawatts of clean energy. By 2030, an additional 10 such stations are set to come online, potentially boosting capacity to 5 gigawatts.

As preparations intensify for COP29 in November, climate change remains a pivotal issue on Azerbaijan's agenda. The nation aims to collaborate closely with international partners to explore innovative solutions and drive collective action towards mitigating global warming. President Ilham Aliyev stressed the importance of addressing the financial needs of developing countries advancing climate initiatives, viewing it as a strategic investment in a shared future for humanity and future generations.

"To agree on a new collective commitment aimed at meeting the increasing financial needs of developing countries affected by climate change is a crucial task before us all, an investment in our shared future, collective responsibility towards present and future generations. Azerbaijan will take all necessary measures to ensure these negotiations proceed transparently and inclusively, accelerating the fulfillment of previously undertaken obligations and pledges," President Ilham Aliyev stated.

The global landscape for climate financing presents challenges, with $2 trillion earmarked this year for transitioning to clean energy and combating climate change. However, a significant portion—roughly 85%—of these funds is allocated to developed economies and China, leaving developing nations grappling with substantial hurdles in securing adequate financing for effective climate solutions.

In his comment to Azernews on the issue, professor and economic expert Elshad Mammadov stated that policies regarding green energy initiatives are predominantly driven by the interests of political and economic groups.

"In my view, many of the discussions and promotional campaigns surrounding the green economy do not reflect genuine economic and technological processes or calls for environmental protection. Instead, they often serve the agendas of specific political and economic groups, which is regrettable."

Regarding the scientific investigation of global warming and other environmental challenges, the expert emphasized that the issues raised under the green agenda often diverge significantly from real technological, economic, and humanitarian concerns.

"Today, if we scrutinize the direction of investments, we observe significant disparities. Conversely, countries experiencing resource poverty and those that have long benefited economically from exploiting other regions' resources are now attempting to disadvantage resource-rich nations through new agendas, ultimately seeking competitive advantages."

The expert underscored the necessity of forming an international coalition to address these issues comprehensively.

"Therefore, it is crucial to adopt a fundamental approach to these challenges. I am convinced that establishing an international coalition involving multiple states and economic and political groups is essential. This coalition should aim to prevent the exploitation of global economic, technological, humanitarian, and social issues under the guise of the green agenda."

Furthermore, the expert emphasized the importance of prioritizing informed perspectives on these matters.

"I believe that many countries and business circles are using the green agenda and green economy to assert their political influence over other nations and peoples. This approach, viewed globally and regionally, does not bode well for the world."

Azerbaijan's emphasis on renewable energy development, highlighted by plans to operationalize numerous solar and wind power stations, reflects its strategic vision for achieving energy independence while reducing environmental impact.

As preparations for COP29 intensify, Azerbaijan stands poised to collaborate with international partners in pursuing innovative solutions to climate challenges. President Ilham Aliyev's call to support developing countries in their climate initiatives underscores Azerbaijan's commitment to equitable global climate action.

However, as noted by economic expert Elshad Mammadov, the implementation of green energy policies often intersects with political and economic interests, potentially detracting from genuine environmental progress. This highlights the importance of a balanced approach and international cooperation to ensure that the green agenda truly serves global environmental goals.