Azerbaijan to launch new climate finance initiatives within COP29

Azerbaijan intends to launch new initiatives on climate finance within COP29, Deputy Minister of Economy of Azerbaijan Sahib Mammadov said during a meeting of the Joint Government-UN Steering Committee on the implementation of the 'United Nations Sustainable Development Cooperation Framework 2021-2025', Azernews reports.

"As the host country of COP29, we aim to introduce new climate finance initiatives that are both more sustainable and markedly distinct from prior efforts. Within the COP29 framework, we've received numerous requests from international organisations and companies to host 'Side events', fostering collaborative initiatives, assisting in conceptualising and aligning projects with regional countries, enhancing expertise and capacity, exchanging knowledge on carbon taxation and trading, and facilitating the issuance of green bonds," he said.

This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the centre of the world and will receive about 70-80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP- the Conference of the Parties - is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.