BAKU, Azerbaijan, November 14. A panel discussion is being held on the topic “COP29 Business, Investment, and Philanthropy Climate Platform” within COP29, Trend reports.
The executive director of the Export and Investment Promotion Agency (AZPROMO) Yusif Abdullayev said that Azerbaijan sets ambitious goals to increase the share of renewable energy sources in the total volume of electricity production.
“Our goal is not just to showcase our achievements but also to create a platform for dialog, foster collaboration, and inspire innovative solutions. Today we are assembled here with a common goal - to shape a sustainable future for the next generations,” he said.
Yusif Abdullayev noted that through these efforts, the agency seeks to emphasize the critical role of finance in accelerating the global transition in line with the Paris Agreement and the 2030 Sustainable Development Goals. It also aims to attract investments that contribute to a more sustainable future and encourages businesses, non-profit organizations, and investors to demonstrate their commitment to climate action and sustainable development.
Global Ambassador, founder of Ambition Loop Nigel Topping noted that COP29 brings together businesses, financiers, cities, indigenous peoples, and local communities.
"This aspect is undoubtedly just as important and increasingly significant each year, just like the negotiation process itself, because, namely, non-state actors, together with national governments, must join forces to create the rules, mobilize resources, and provide large-scale financing for mitigation and adaptation goals," he also said.
According to Topping, scientific recommendations suggest that the world must indeed aim to limit warming to 1.5°C or below, as much as possible.
The executive vice president for intra-African trade and export development at the African Export-Import Bank, Kanayo Awani said that it is necessary to develop investments in Africa to reduce carbon emissions.
“Today I will be speaking in the context of Africa, or as we say, global Africa. And although you think of me as a financier and a spokesperson for Afreximbank, we are not just about financing. Financing is usually not a problem, but there are always other factors that hinder direct investment in the continent,” she said.
According to her, direct investment in Africa (ADI) in the context of the African Continental Free Trade Area (AfCFTA) is an approach that needs to be developed to combat climate change.
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