BAKU, Azerbaijan, January 21. We already prepared the program how to increase climate finance contributions to $1.3 trillion, said Azerbaijan’s Minister of Ecology and Natural Resources, President of COP29 Mukhtar Babayev, as he addressed the World Economic Forum (WEF) session themed "Road to COP30", Trend reports.
In his speech, Babayev praised the outcomes of COP29, especially the historic agreement for countries to contribute $300 billion for the developing world. "This is a great success for all the world, for all the world community," he emphasized. "Before, we didn’t have any document or any agreement between the countries with strong intentions and pledges to contribute to the climate agenda".
He also outlined the next phase of progress, stressing that efforts are now focused on increasing contributions to a total of $1.3 trillion. "We already prepared the program how to increase the contributions to $1.3 trillion and invite the MDBs, private sector, and all other possible stakeholders to contribute to the climate agenda," he added.
Looking ahead to COP30, Babayev expressed optimism, noting the critical opportunity to work closely with the Brazilian team. "We are planning to work very closely with the COP30 team, with the Brazilian team, to support them," he said. "Yes, there are new challenges, but there are also opportunities. Let's think positive. We need to use these opportunities".
Babayev also addressed the progress on carbon markets, a major topic of discussion at COP29. "The huge agreement regarding Article 6, after 10 years of discussions, was finally achieved in Baku," he said. "Countries agreed regarding the carbon markets, registrations, authorization, and all other issues. Now, we have opened the door for the private sector to perform huge projects in green transition areas and climate projects".
Another key achievement highlighted by Babayev was the operationalization of the loss and damage fund. He thanked all participating countries for their hard work and consensus in reaching an agreement. "Thanks to all the countries, all the participants for hard work and for readiness for consensus to the agreement, and we made this big work in Baku," he said.