BAKU, Azerbaijan, November 15. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) hosted an impactful event within COP29, focused on the integration of ESG (Environmental, Social, and Governance) principles within its investment portfolio, Trend reports.
The session, held in the COP29 Blue Zone, commenced with an opening speech by Bahruz Bahramov, Deputy CEO of SOFAZ.
"We integrate ESG principles into the core of our investment strategy, aiming to create lasting value for future generations.
By prioritizing responsible investment, we strive to drive both economic growth and social-environmental progress, ensuring a positive and sustainable impact for years to come," Bahramov said.
The session featured keynote presentations by Nigar Azizova, Senior Investment Analyst, and Ali Huseynov, Risk Analyst - both Sustainability Officers at SOFAZ. They outlined SOFAZ’s approach to integrating ESG considerations, aligning investments with sustainability goals, addressing critical challenges such as climate change and social inequality, and identifying pathways for sustainable growth.
Through this event, SOFAZ reaffirmed its commitment to embedding ESG principles at the center of its investment strategy, reinforcing its role in shaping a responsible, sustainable, and economically sound future.
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 at the Baku Olympic Stadium on November 11. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest level event - the summit of world leaders on climate action - was 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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