Azerbaijani FM: ‘We hope for a decision that meets global expectations on climate finance’

Azerbaijan's Minister of Foreign Affairs, Jeyhun Bayramov, has expressed hope that the COP29 conference in Baku will result in a decision on climate finance that aligns with the expectations of countries worldwide, Report informs.

In a statement to reporters, the minister emphasized that climate financing is the main topic of COP29.

Intensive talks and discussions were held during the preparations for COP29. These discussions are still ongoing, he said.

Bayramov noted that discussions on this topic will continue until the final moments of COP29: "I believe we have witnessed great successes at COP29 in Baku. One of these is the agreement and consensus reached on COP29's program on the first day of the event. I should note that in the past, program approval at such conferences used to take days. The importance of this lies in the fact that without full consensus on the agenda, we cannot proceed to discuss other issues."

The foreign minister also cited the agreement and announcement of consensus on the long-debated article of the Paris Agreement, which validates the global carbon credit market, as another major success. "This market is expected to be measured in trillions of dollars in the coming years," he said, adding that a large portion of the funds entering countries from this market will be directed towards climate-related issues

Furthermore, Bayramov revealed that within the framework of COP29, international financial institutions have decided to increase their investment commitments in alternative energy from $75 billion to $170 billion.