BAKU, Azerbaijan, November 12. A Memorandum of Cooperation was signed between the Baku Stock Exchange CJSC and AZCHEMCO LLC at COP29, aimed at fostering collaboration in financing through capital markets, including the issuance of green bonds, Trend reports.
The primary goal of the agreement is to establish a partnership between the two parties in areas of mutual interest.
The memorandum envisions sustainable development for the company through capital markets and further supports the Baku Stock Exchange in this direction.
Notably, AZCHEMCO LLC is presenting an innovative project at COP29 aimed at rehabilitating saline soils in Azerbaijan. The project, focused on transforming saline lands into arable land, seeks to mitigate the impact of climate change on agriculture.
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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