Baku to host COP29: Pioneering initiatives aim to tackle climate change challenges

In precisely one month, Baku will host the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), a prestigious event that will gather stakeholders committed to addressing climate change. Delegates and representatives from various sectors are expected to converge in Azerbaijan to engage in discussions and make critical decisions aimed at tackling this global challenge. An estimated 70,000 to 80,000 attendees are anticipated.

During COP events, governments frequently announce a variety of initiatives designed to address climate change and demonstrate their commitment to sustainability. These initiatives encompass a wide range of areas, reflecting the multifaceted nature of the climate crisis.

The COP29 Presidency has proposed 14 key initiatives to combat climate change. These initiatives not only emphasize the importance of collaboration but also underscore the necessity of integrating diverse sectors to foster a sustainable future. Below, we outline these initiatives for further consideration.

1. Climate Finance Action Fund (CFAF) - One of the key initiatives on the COP29 agenda is the establishment of a Climate Finance Action Fund. The primary expectation for the fund is related to closing the existing gaps in climate finance.
It should be noted that the Fund is established through the voluntary donations of countries and companies that produce fossil fuels. The Fund aims to stimulate both the public and private sectors in reducing the impact of climate change, adaptation, and research and development, while providing highly favorable conditions and grants for financing.

On July 19 of this year, Azerbaijan announced the creation of the Climate Finance Action Fund (IMFF) to invest in climate action in developing countries. The IMFF aims to be a catalyst for public-private partnerships, mobilizing the private sector and reducing investment risks. Additionally, the fund will have special technical capacity to provide concessional and grant-based support to rapidly address the consequences of natural disasters in developing countries in need of assistance.

It should be emphasized that the Fund will begin operating after collecting initial funds of 1 billion US dollars and securing commitments from 10 shareholder countries to join as donors.

Notably, 50 percent of the Fund's capital will be directed toward climate projects in developing countries that require support for mitigation, adaptation, and scientific research activities.

2. Baku Initiative on Climate Finance, Investment, and Trade Dialogue - "BICFIT Dialogue"

The main goal of this initiative is to ensure global synergy by integrating issues of climate finance, investment, trade, and sustainable development. Regarding this initiative, COP29 President Mukhtar Babayev stated that the proposal to create free green economic zones worldwide could be one of the first outcomes of BICFIT and a legacy of COP29.

We would like to inform you that the Trade and Development Conference, represented in the Global Working Group established by the UN for COP29, plays a coordinating role for the BICFIT initiative put forward by Azerbaijan. Additionally, the COP29 Presidency is closely cooperating with the World Trade Organization, the International Trade Center, and other international partners on this initiative.

It is worth noting that on September 13, 2024, a special session on the BICFIT initiative was organized with the participation of countries and other partners within the Global Public Forum of the World Trade Organization in Geneva, Switzerland.

3. Just Transition Investment Partnership (JTIP) for Occupations and Skills -The JTIP aims to establish a cooperation platform designed to align financial resources with capacity development initiatives outlined in Nationally Determined Contributions (NDCs) and National Adaptation Plans. By creating synergies between multilateral development banks and other financial sources, this initiative seeks to ensure that the workforce is equipped to thrive in a green economy. This approach underscores the importance of preparing workers for a transition that is both just and sustainable.

4. COP29 Green Energy Zones and Corridors Pledge: -Signatories at the ministerial level are committing to the establishment of green energy corridors and zones. This initiative is critical in creating the necessary regulatory and institutional frameworks to support infrastructure development for renewable energy. By fostering collaborative efforts, the initiative aims to streamline the transition to green energy sources, marking a significant step toward global sustainability.

5. COP29 Global Energy Storage and Grids Pledge:-With a goal of reaching 1,500 gigawatts of renewable energy capacity by 2030—six times the level recorded in 2022—this initiative positions sustainable energy as a cornerstone of global energy systems. By setting such ambitious targets, it aims to galvanize nations to adopt innovative solutions and technologies that enhance energy efficiency and sustainability.

6. COP29 Hydrogen Declaration: -This initiative emphasizes the importance of low-emission hydrogen as a pivotal element in the global energy landscape. By addressing regulatory, technological, and financial challenges, the Clean Hydrogen Initiative aims to create a clear pathway for the adoption of hydrogen technologies. This collaborative approach between the public and private sectors is essential for unlocking the full potential of hydrogen as a clean energy source.

7. COP Truce Appeal (COP Ceasefire Call) An appeal for a COP Truce, modelled on the Olympic Truce, to highlight the importance of peace and climate action. COP Ceasefire Call - Recognizing the complex relationship between climate change and conflict, the COP Ceasefire Call aims to foster peace, dialogue, and reconciliation. By mobilizing political attention and diplomatic efforts for climate action, this initiative seeks to mitigate the adverse effects of climate change in conflict-prone regions, promoting stability through collaborative environmental stewardship.

8. COP29 Green Digital Action Declaration: As digitalization continues to reshape global industries, this initiative focuses on reducing greenhouse gas emissions within the ICT sector. By accelerating the green transition through a Ministerial Declaration, it aims to leverage technology to foster sustainable practices, paving the way for a greener digital future.

9. The Baku Initiative on Human Development for Climate Resilience: Investing in education, health, and employment—particularly for youth—is essential for building a climate-resilient future. This initiative emphasizes integrating environmental literacy into educational frameworks, ensuring that the next generation is equipped to address climate challenges.

10. HARMONY for Climate Resilience - The Harmony Initiative seeks to empower farmers and rural communities by aggregating various efforts focused on agriculture, food systems, and water management. By fostering collaboration and sharing best practices, the initiative aims to enhance resilience in local communities, particularly among women and marginalized groups.

11. COP29 Declaration on Water for Climate Action:Bringing together governments, UN agencies, and the private sector, the Baku Dialogue emphasizes the importance of collaborative efforts in addressing water-related climate adaptation. This initiative is crucial for developing integrated solutions that enhance water security and resilience in the face of climate change.

12. COP29 Multisectoral Actions Pathways (MAP) Declaration for Resilient and Healthy Cities: This initiative focuses on strengthening multi-sectoral actions in urban areas, promoting partnerships that expand urban climate finance. By aligning urban development with sustainability goals, MAP aims to create healthier, more resilient cities.

13. COP29 Declaration on Enhanced Action in Tourism: Recognizing the tourism sector's significant contribution to global emissions, it seeks to shift tourism policy towards sustainability. By fostering a collaborative approach, this initiative aims to mitigate tourism’s environmental impact while promoting responsible travel practices.

14. The Baku Global Climate Transparency Platform (BTP): This platform is designed to assist developing country Parties in the preparation and submission of Biennial Transparency Reports. It aims to promote collaboration and facilitate knowledge exchange among all Parties regarding the comprehensive implementation of the Enhanced Transparency Framework. Additionally, the BTP seeks to enhance the mobilization of capacity-building resources to areas where they are most needed.

The initiatives proposed for COP29 reflect a comprehensive approach to climate action that prioritizes collaboration, innovation, and inclusivity. As countries prepare to meet in Baku, these initiatives represent not only a commitment to environmental sustainability but also a recognition of the interconnectedness of social, economic, and ecological systems. The success of COP29 will hinge on the collective efforts of nations to implement these initiatives and foster a more sustainable future for all.