COP29 Summit in Baku to focus on climate financing, chief executive says

Climate financing will be the focus of the upcoming United Nations Climate Change Conference (COP29), the summit’s chief executive Elnur Soltanov said in an interview with EFE, a leading Spanish news agency, according to Report.

With just three months until the United Nations Climate Change Conference (COP29) kicks off in Baku, Azerbaijan, Elnur Soltanov emphasized that the primary goal of the COP29 Presidency is to establish a clear and ambitious "New Collective Quantified Goal" (NCQG) for climate financing, addressing the needs of all parties.

In an interview with EFE, a leading Spanish news agency, Soltanov stressed the importance of advancing "collectively on all pillars of the Paris Agreement," with climate financing being central. The NCQG, agreed upon in 2015, needs to be defined by 2025 to support the poorest countries in their climate change efforts.

Soltanov's strategy includes seeking political direction to resolve disagreements and accelerate summit preparations through meetings among the parties. "We must focus on high-level discussions and intensify political engagement. We appreciate the time and commitment of our new ministerial peers in the NCQG to support us," he told EFE.

Azerbaijan, like the United Arab Emirates, which hosted COP28, is an oil and gas producer, and the choice of venue has again drawn criticism from several climate organizations.

However, Soltanov argued for an inclusive process where all parties collaborate, stating, "We do not believe anyone, especially global energy experts, should be excluded."

Referencing the UAE consensus from COP28, which emphasized the need for a just and orderly transition, Soltanov noted that all countries start from different points, and the requirements to decarbonize, build a renewable system, and ensure a just transition will differ according to national circumstances. He also pointed out that the Intergovernmental Panel on Climate Change (IPCC) recognizes a role for hydrocarbons in the global economy in its temperature and zero-carbon emissions calculations.

Optimistic about COP29, which runs from November 11 to 22, Soltanov views it as a litmus test for global cooperation and climate action. "Azerbaijan will spare no effort to unite the parties," he said, emphasizing the country's commitment to hosting COP29 inclusively and transparently, aligned with the Convention and the Paris Agreement.

To advance this commitment, Azerbaijan will present two documents before COP29: a Transparency Report and the "Nationally Determined Contribution" (NDC), aligning the country with efforts to curb climate change. Soltanov, a former Deputy Minister of Energy, emphasized the need for shared and ambitious efforts, warning that "the margin for action is shrinking." He concluded, "There is still time to address the climate crisis effectively with immediate and sustained efforts. We need everyone to commit in good faith to act quickly."