The Baku Harmoniya Climate Initiative presented at COP29 in Baku will be an important step in expanding efforts to restore lands and increase drought resilience, Azerbaijani Minister of Ecology and Natural Resources, COP29 President Mukhtar Babayev stated at the ministerial dialogue on financial issues at the 16th Conference of the Parties (COP16) to the UN Convention to Combat Desertification in Riyadh, Report informs.
According to Babayev, this initiative aims to empower rural communities, women, and youth.
"This initiative aims to ensure agriculture's climate resilience by expanding cooperation between multilateral and national development banks. The main goal is to bridge financing gaps and support farmers in adapting to changing climate through preventing soil erosion and implementing sustainable agricultural methods," the minister said.
Babayev noted other achievements at COP29, including the full implementation of Article 6 of the Paris Agreement and the activation of the Loss and Damage Fund.
Speaking about the fund, the COP29 president emphasized that it will provide significant financial support to countries most affected by climate change impacts, including drought: "This is a major step toward addressing climate losses and damages. It also helps vulnerable communities combat the consequences of land degradation."
According to Mukhtar Babayev, the full implementation of Article 6 of the Paris Agreement will enable the formation of international carbon markets. This will create new financial opportunities for land and forestry restoration by attracting both public and private investments.
"To fully realize the potential of these financial mechanisms, key barriers must be removed. Creating more favorable conditions for private sector participation through regulations and financial incentives is crucial. Public financing, including grants, subsidies, and tax incentives, can help implement long-term restoration projects that bring both environmental and social benefits. Together, we can transform the financial system to support land restoration and ensure a sustainable future," Babayev added.