Mukhtar Babayev: Azerbaijan ready to co-op to increase climate financing

Azerbaijan intends to actively engage with all stakeholders in developing the Baku-Belen roadmap with the aim of increasing climate change funding to $1.3 trillion per year by 2035, Mukhtar Babayev, COP29 President and Representative of the President of Azerbaijan on Climate Issues, said at the International Climate Forum on Friday, Report informs.

He noted that a critical year is expected when each country will need to increase its ambitions within the framework of the next generation of national climate plans:

"We all need to prepare emission reduction plans, known as 'nationally determined contributions.' It is extremely important that these indicators be submitted no later than September. This means they can be consolidated at COP30, where we can finalize the results of our collective progress in implementing National Adaptation Plans - how we will prepare for the consequences of climate change," he emphasized.

The COP29 President further mentioned that Azerbaijan understands the complexity of preparing such reports.

"We organized capacity-building workshops in Baku. We collaborated with the entire UN system to mobilize support. Today, HELPS is accessible to everyone who needs it. We also believe that everyone has a direct interest in making these reports as reliable and confident as possible. Because reliable and confident reports can give a green light to green investments, defining targets and deadlines, highlighting priorities, demonstrating the government's commitment to fighting climate change, while transparent accountability will send strong signals to the market," he noted.

Babayev believes that such signals will attract capital and give it direction. "Ladies and gentlemen, collective action is the only way to shape our future. Azerbaijan is a small country. We cannot fight the climate crisis alone. Therefore, we need a multilateral process. That is why we accepted the challenge and organized COP29 in Baku. And that is why we look forward to continuing to build partnerships with all parties in the coming years," he added.