Within the framework of COP29, events dedicated to climate issues, meetings with officials from international organizations and other countries were held with the organization and alliance of the Ministry of Economy. Likewise, “Trade and Investment House” stands were installed in the Blue and Green zones where COP29 took place.
Oku.Az informs that in addition to this, meetings were held with international partners and officials from other countries by the Office of the Ministry of Economy, the institutions included in its structure and subordinates, the development of cooperation on climate action was discussed, representatives of the Ministry spoke at various events and panel discussions.
Important climate documents and initiatives
At the event titled “Strengthening a sustainable future: promoting green development through finance”, the Climate Finance Action Fund, an initiative of Azerbaijan to invest in climate action in developing countries, was launched. The capital of the fund will be formed thanks to voluntary donations from countries that have hydrocarbon resources, as well as from companies.
The Baku Dialogue Initiative on Climate Finance, Capital and Trade (BICFIT Dialogue) was launched to support climate goals. In this sense, T.The Joint Declaration on the BICFIT Dialogue was adopted in the press. The document states that the BICFIT Dialogue will serve as a global platform to support the development of integrated approaches to climate issues, promote climate investments and jointly identify solutions through dialogue.
The presentation of the global Green Growth portal developed on the basis of cooperation between the Ministry of Economy and the International Development Center “Growth Lab” of Harvard University was made. The portal will help participants in the global energy transition identify and capitalize on each country’s green growth opportunities.
The Baku Declaration on the CAREC Partnership on Climate, Innovation and Trade was signed among CAREC member countries under the organization of the Ministry of Economy. The Declaration aims to strengthen partnerships on climate risk preparedness, water, energy and food security, low-carbon solutions and climate action.
At the event held within the framework of the Organization of Turkish States (TDT), the Baku Ministerial Declaration on the establishment of the TDT Partnership for Climate, Innovation, Green Economy and Trade was signed. The declaration sets out a shared vision for innovation, sustainability and green growth.
The opening of the Multilateral Trust Fund was announced at the SPECA event. The Fund will act as a flexible mechanism to address shared challenges such as climate change, economic integration and sustainable development. In addition, the Baku Joint Ministerial Declaration on the establishment of the Climate and Innovation Dialogue was signed. The document states that the Dialogue will create incentives for the transition towards sustainable and low-carbon economies.
At the Round Table of Green Cities Leaders of the SPECA region of the European Bank for Reconstruction and Development, the Declaration of Intent on the Climate Resilient Smart Cities Forum was signed. According to the document, the participating cities will cooperate closely to achieve common objectives in the climate field.
At the Ministerial Meeting on the circular economy within the framework of the Economic Cooperation Organization, the Baku Declaration on resource efficiency and the circular agenda and the Joint Declaration on the launch of a regional initiative on resource sustainability and circular economy in the region were adopted of the OIC.
Events dedicated to current debates.
At the High Level Session with the World Economic Forum on “The power of cooperation: joint efforts for Net Zero” organized by the Ministry of Economy, AZPROMO and the World Economic Forum, all state, business and civil society institutions They were called to accept co-responsibility and join the fight against climate change with concrete action plans.
The Climate Platform for Business, Investment and Philanthropy was organized on the basis of the alliance of the Ministry of Economy with international institutions. Within the framework of the event, the sessions focused on innovative financial solutions, decarbonization, promotion of financial flows for developing countries, sustainable development obligations of international companies, strengthening public-private alliances that accelerate climate action, etc. was discussed.
In the panel “Public-private cooperation: expanding investment opportunities in climate activities”, the expansion of the possibilities of using various financial instruments for the construction of “smart” climate infrastructure was discussed.
The application of the principles of innovation, efficiency and sustainability in water infrastructure projects was discussed at the round table “The role of public-private partnerships in the management of water resources” organized jointly by the Ministry of Economy and the State Agency of Water Resources.
Effective methods of combating carbon emissions were discussed at the round table “The price of carbon: existing problems and new strategies”, organized by the State Tax Service of the Ministry of Economy. The State Tax Service also organized a round table on the “Carbon Border Adjustment Mechanism (CBAM)” and discussions on the “Role of tax policy in a just transition” together with the companies “PwC Azerbaijan” and “Extreme Hangout “.
At the same time, within the framework of COP29, agreements were signed on important projects that will contribute to the green economy of our country, the role of SMEs in climate action and climate digitalization issues were discussed.
