Babayev: Azerbaijan uses fossil fuel revenues for sustainable development

Azerbaijan uses revenues from the fossil fuel industry to ensure long-term sustainable development, Ecology and Natural Resources Minister of Azerbaijan, COP29 President-designate Mukhtar Babayev said at the opening of the 18th Baku Summer Energy School started at ADA University, Report informs.

Mukhtar Babayev recalled that in November, the whole world will convene in Baku to adapt the global economy to zero emissions and limit global warming to 1.5 degrees.

According to him, the main economic task is to create conditions that will enable the transition to zero emissions for the implementation of the project;

“One of the main principles is to support everyone in the fight against climate change. We will encourage countries to develop new plans to reduce emissions, adapt to the effects of climate change and provide transparent reporting on their actions. Therefore, we are working on updating our national emissions reduction plan.”

He also noted that a clear and ambitious new financial plan to combat climate change should be agreed upon at COP29:

“It will help remove the barriers that hold many developing countries back and rebuild the global financial system for the planet.”