Azerbaijan, the host of COP29, has pledged to spearhead efforts toward achieving a fair and ambitious climate finance goal for developed nations. Mukhtar Babayev, Azerbaijan’s Minister of Ecology and Natural Resources and the COP29 president-designate, emphasized the importance of addressing the needs and priorities of developing countries in this endeavor.
In a recent interview, Babayev expressed gratitude for China’s climate leadership and highlighted Azerbaijan’s commitment to collaborating with China during the November conference, which will see participation from nearly 200 countries. He stressed that COP29 would be a critical test for the Paris Agreement and global climate action, with climate finance at its core.
Babayev outlined a vision focused on enhancing ambition and enabling action, with a particular emphasis on climate finance. The COP29 presidency aims to facilitate an agreement on a New Collective Quantified Goal that reflects the urgency and scale of the climate crisis while considering the specific needs of developing nations.
Despite the failure to meet the $100 billion climate finance goal by 2020, Babayev welcomed the recent increase in contributions, noting that $115.9 billion was mobilized by developed countries in 2022. He called for reforms to make climate finance more accessible, affordable, and transparent.
Azerbaijan, an active supporter of China’s Belt and Road Initiative (BRI), sees the BRI as a crucial platform for advancing international collaboration on green innovations. Babayev underscored Azerbaijan’s deep ties with China and its commitment to working closely with China to push for significant climate finance outcomes at COP29.