Baku moves to a new phase in climate finance after COP29 – a $1.3 trillion roadmap is being prepared, said Mukhtar Babayev, Special Representative of the President of the Republic of Azerbaijan on Climate Issues and President of COP29, during his speech at the Baku Energy Forum, APA-Economics reports.
According to him, after the successful completion of COP29, Azerbaijan is determined to maintain its leadership role in the climate agenda and, within this framework, is once again inviting international partners, energy companies, and renewable energy suppliers to Baku.
Mukhtar Babayev noted that mobilizing a total of $300 billion in climate finance under COP29 is considered a historic achievement. This marks the first time such a large-scale financial commitment has been established within the framework of UN climate negotiations.
He added that this amount was formed from public and donor sources. While some countries expected even higher—trillion-dollar—commitments, the $300 billion figure was achieved as a result of a more realistic approach.
During the forum, Mukhtar Babayev also announced a new initiative called the “From Baku to Belem” roadmap. This program envisions expanding climate finance from $300 billion to $1.3 trillion.
According to him, Azerbaijan is working jointly with Brazil in this direction and plans to mobilize various financial sources, including the private sector, international financial institutions, philanthropic foundations, and South-South cooperation.
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