BAKU, Azerbaijan, September 6. Azerbaijan and IFC put their heads together to brainstorm potential collaborations for forthcoming COP29, Trend reports.
According to the Ministry of Economy of Azerbaijan, Deputy Economy Minister Samad Bashirli had a sit-down with the regional director of the International Finance Corporation (IFC) for Europe, Ines Rocha, where they talked about joining forces between the public and private sectors and explored some exciting projects on the horizon.
Meanwhile, it was noted at the meeting that economic reforms carried out in Azerbaijan are supported by international financial organizations. An important aspect was the discussion of the expansion of cooperation with IFC, which opens opportunities for the introduction of best practices and innovations in the country.
Azerbaijan's socio-economic priorities, favorable business environment, and opportunities for investors were presented. Furthermore, it was emphasized that Azerbaijan's participation in major regional projects becomes an important factor for the sustainable development of the whole region. Significant opportunities for the implementation of projects within the framework of public-private partnerships were also pointed out.
The parties reviewed COP29 collaborative efforts, public-private partnerships, and IFC participation in seawater desalination projects and other prospective initiatives.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held in Azerbaijan in November this year. The decision was made at the plenary meeting of COP28 held in Dubai on December 11 last year. Within two weeks Baku, having become the center of the world, will host about 70,000-80,000 foreign guests.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for Conference of Parties, which is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the convention. Unless the parties have decided otherwise, COP is held annually. The first COP event was held in March 1995 in Germany's Berlin, with its secretariat in Bonn.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel