Baku BICFIT initiative launched at COP29

The Baku Initiative for Climate Finance, Investment and Trade Dialogue (BICFIT) has been launched as part of the Climate Finance, Investment and Trade thematic day, held for the first time in COP conference history , Report informs referring to the Ministry of Economy.

BICFIT is one of the key initiatives of Azerbaijan's COP29 presidency.

The BICFIT dialogue will be implemented in cooperation with the UN Conference on Trade and Development (UNCTAD), UN Development Programme (UNDP), World Trade Organization (WTO), and International Trade Centre (ITC).

The respective Conference of Parties (COP) presidencies of the UN Framework Convention on Climate Change (UNFCCC), various international organizations, multilateral development banks and climate funds, civil society organizations, global think tanks, and academic institutions contribute to and support this initiative. The BICFIT initiative was launched to support the UNFCCC and the Paris Climate Agreement.

Its goal is to create an innovative, comprehensive platform for dialogue and partnership involving global partners in climate, development, trade, and other stakeholders to strengthen the connection between finance, investment, trade, and sustainable development. Minister of Economy Mikayil Jabbarov emphasized the event's importance in promoting trade-oriented climate policy, especially concerning developing countries.

He noted that the BICFIT Dialogue would become an effective platform for joint actions to build capacity in climate finance and trade, as well as to attract foreign direct investment. UNCTAD Secretary-General Rebeca Grynspan and UNDP Administrator Achim Steiner also spoke at the event.

The BICFIT Dialogue will serve as a global platform to support the development of integrated approaches, create conditions for knowledge exchange, promote climate investments, and jointly identify solutions through dialogue. This initiative will enable information and experience sharing, coordination, and development of other partnerships.

It will contribute to the processes of developing, structuring, and preparing specific climate projects that ensure better alignment of climate actions with development goals.