Within the framework of COP29, events dedicated to climate issues were organized by the Ministry of Economy with partnerships, along with meetings with officials from international organizations and other countries. Additionally, "Trade and Investment House" stands were set up in the Blue and Green Zones where COP29 took place. Furthermore, the Ministry of Economy's Apparatus, along with its subordinate organizations, held meetings with international partners and officials from other countries, discussing the development of cooperation in climate activities. Ministry representatives also participated in various events and panel discussions.
Key climate-related documents and initiatives
A presentation on the Climate Finance Action Fund initiated by Azerbaijan was held at the event titled "Strengthening a Sustainable Future: Driving Green Growth through Finance." The Fund is intended to be formed through voluntary contributions from countries with hydrocarbon reserves, as well as companies. The goal is to invest in climate action in developing countries.
The Baku Dialogue on Climate Finance, Investment, and Trade (BICFIT Dialogue) has been launched to support climate goals. A Joint Declaration on the BICFIT Dialogue was adopted during the event. The document emphasizes that the BICFIT Dialogue will play a global platform role in supporting the development of comprehensive approaches to climate issues, promoting climate investments, and jointly identifying solutions through dialogue.
A presentation was held for the global Green Growth Portal, developed in collaboration between the Ministry of Economy and Harvard University’s “Growth Lab” International Development Center. The portal will help global energy transition participants identify and leverage the green development opportunities of each country.
The Baku Declaration on the CAREC Partnership for Climate, Innovation, and Trade was signed among the member countries of CAREC, organized by the Ministry of Economy. The declaration aims to strengthen partnerships in climate risk preparedness, water, energy and food security, low-carbon solutions, and climate action efforts.
The Baku Ministers' Declaration on the establishment of the TURKSOY Partnership for Climate, Innovation, Green Economy, and Trade was signed at an event within the framework of the Organization of Turkic States (OTS). The declaration outlines a shared vision for innovation, sustainability, and green development.
At the event within the framework of SPECA, the launch of the Multilateral Trust Fund was announced. The fund will play a flexible mechanism role in addressing common challenges such as climate change, economic integration, and sustainable development. Additionally, the Baku Joint Ministerial Declaration on the establishment of the Climate and Innovation Dialogue was signed. The document emphasizes that the Dialogue will stimulate the transition to low-carbon, sustainable economies.
At the Green City Leaders Roundtable of the European Bank for Reconstruction and Development (EBRD) for the SPECA region, the Declaration of Intent for the Climate-Resilient Smart Cities Forum was signed. According to the document, participating cities will closely collaborate to achieve common goals in the field of climate.
At the Ministers' Meeting on Circular Economy within the framework of the Economic Cooperation Organization (ECO), the Baku Declaration on Resource Efficiency and Circular Agenda, as well as a Joint Statement on the launch of a regional initiative for resource sustainability and circular economy in the ECO region, were adopted.
Events dedicated to current discussions
The Ministry of Economy, AZPROMO, and the World Economic Forum organized a High-Level Session on the topic "The Power of Collaboration: Joint Efforts for Net Zero." During the session, all government, business, and civil society organizations were urged to take joint responsibility and engage in the fight against climate change with concrete action plans.
A business, investment, and philanthropy climate platform has been organized based on the ministry of economy's partnership with international organizations. during the event, sessions were held to discuss innovative financial solutions, decarbonization, promoting financial flows for developing countries, sustainable development commitments of international companies, strengthening public-private partnerships to accelerate climate action, and more.
The panel discussion on "Public-private partnership: Expanding Investment Opportunities in Climate Activities" focused on exploring ways to broaden the use of various financial tools for building "smart" climate infrastructure.
A panel discussion titled "The Role of Public-Private Partnerships in Water Resource Management" was held jointly by the Ministry of Economy and the State Water Reserves Agency. The discussion focused on the application of innovation, efficiency, and sustainability principles in water infrastructure projects.
A panel discussion on "Carbon Pricing: Existing Problems and New Strategies" was organized by the State Tax Service under the Ministry of Economy. The panel focused on effective methods to combat carbon emissions. Additionally, the State Tax Service hosted a roundtable on the "Carbon Border Adjustment Mechanism (CBAM)" and held discussions on "The Role of Tax Policy in a Just Transition" in collaboration with PwC Azerbaijan and Extreme Hangout.
Additionally, within the framework of COP29, agreements were signed on significant projects that will contribute to a green economy in our country. Discussions were held on the role of SMEs in climate action and the issues related to digitalization in the climate sector.
