Mukhtar Babayev: COP29 demonstrated that multilateralism can deliver real and historic results

"COP29 has demonstrated that multilateralism is capable of delivering real and historic results," said Mukhtar Babayev, President of COP29, during his speech at a side event titled "Multilateralism on a Crossroads: Challenges and Pathways to Peace," organized by the Nizami Ganjavi International Center as part of the 80th session of the UN General Assembly.

He noted that agreements were reached at COP29 on issues that negotiators had been discussing for nearly a decade.

"We achieved significant long-awaited progress in the UN carbon markets. This step unlocks the potential of highly reliable markets that could direct $1 trillion annually toward climate solutions by 2050," Babayev added.