BAKU, Azerbaijan, November 12. An agreement was signed today by Taleh Ziyadov, General Director of Baku International Sea Trade Port CJSC; Nurlan Sauranbayev, Chairman of the Board of Kazakhstan Railways JSC; and Yuan Xiaojun, General Director of Xi’an Free Trade Port Construction and Operation Co Ltd, on the establishment of a new enterprise dedicated to the construction of an intermodal cargo terminal at the port, Trend reports.
The signing ceremony saw the attendance of Ruslan Alikhanov, Chief Executive Officer of Azerbaijan Investment Holding, and Nurlan Zhakupov, Chairman of the Board of Kazakhstan's Samruk-Kazyna JSC.
The event took place as part of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku, Azerbaijan.
The primary aim of this agreement is to establish a state-of-the-art intermodal cargo terminal in the Baku port, situated in the village of Alat, to enhance and expand cargo transportation capabilities. The project plans for the development of a 40-hectare intermodal cargo terminal, which is expected to significantly bolster the region's logistics infrastructure.
Given the extensive facilities available at Baku Port, coupled with the strategic role of Kazakhstan Railways in servicing the Middle Corridor, as well as the efficient organization of container trains from Xi'an Free Trade Port along the China-Europe route, this agreement holds substantial significance for all three nations involved.
Moreover, the agreement is expected to yield numerous benefits, including a consistent rise in the volume of container trains traversing the Middle Corridor, reduced unloading times, decreased transportation costs, minimized transshipment durations, and a reliable increase in overall cargo volumes.
The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened today at the Baku Olympic Stadium. The event is the largest organized by Azerbaijan to date and is the first time the region has hosted the event in Azerbaijan. Within COP29, the highest level event - the summit of world leaders on climate action - will be held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance.
The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
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” and 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 otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
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