Mukhtar Babayev: Climate finance is COP29’s top priority

Mukhtar Babayev, Minister of Ecology and Natural Resources and President-designate of COP29, emphasized that climate finance is the main priority of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will take place in Baku this year, Azernews reports.

Speaking at the conference on "The Role of Small and Medium-Sized Businesses in the Green Economy," Babayev highlighted the establishment of "Green SME Resource Centers" as a key initiative. These centers are designed to support SMEs in transitioning to more sustainable practices by providing essential knowledge, advice, and technology.

"The main priority of COP29 is climate finance. At the Baku COP, the agreement of the 'New Collective Quantitative Target' for climate change mitigation will be a central focus," Babayev stated. He noted that the conference will also address important climate change areas such as mitigation and adaptation, and will emphasize the preparation and submission of "Biennial Transparency Reports," "Nationally Determined Contributions," and "National Adaptation Plans."

He further outlined that Azerbaijan’s COP29 presidency has proposed 14 main initiatives aimed at offering innovative solutions and approaches globally. "These initiatives will reinforce Azerbaijan's leadership in supporting the transition to a green economy and strengthen our position as a reliable and responsible international partner," Babayev added. He expressed confidence that the event would serve as an effective platform to discuss the role of SMEs in climate processes, their expectations, and future plans.