BAKU, Azerbaijan, April 8. Possible green energy deals at COP29 to be held in Azerbaijan this November may offer access to broader markets, CEO at Romania's Smartlink Communications consulting company, analyst, consultant, and think tanker Radu Magdin told Trend.
He believes that Azerbaijan will have many opportunities and challenges during COP29 this year, as the country can work together with other states to accomplish climate goals in the region and beyond by fostering cooperation, promoting inclusion and addressing unique issues into account.
"First of all, Azerbaijan’s strategic location as an energy hub provides an opportunity for foreign stakeholders to engage in discussions related to the transition from fossil fuels to renewable energy sources. As a result, Azerbaijan could become a relevant country when the energy transition is discussed and some green energy deals expected during COP29 may offer economic opportunities and access to broader markets," said Magdin.
Also, according to the expert, foreign stakeholders can leverage the spotlight on Azerbaijan to showcase their commitment to climate action and sustainable development.
"But a really significant opportunity is that hosting COP29 could help Azerbaijan integrate more closely with the European community, especially given its role as a non-Russian natural gas supplier to the EU. So, Azerbaijan’s participation in climate action discussions can enhance its economic ties with Europe," he added.
Azerbaijan will host the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) this November. This decision was reached during the COP28 plenary meeting held in Dubai on December 11, 2023. In less than two weeks, Baku is poised to become the epicenter of global climate discussions, welcoming an estimated 70,000 to 80,000 foreign delegates.
The United Nations Framework Convention on Climate Change, established during the Earth Summit in Rio de Janeiro in June 1992, aims to avert perilous human interference with the climate system. COP, an acronym for Conference of Parties, signifies the highest legislative authority overseeing the Convention's implementation. Currently, 198 nations are party to the Convention. By default, COP sessions are convened annually unless otherwise decided by the participating parties. The inaugural COP convened in March 1995 in Berlin, with its secretariat headquartered in Bonn.
As Azerbaijan prepares to host COP29, it assumes a pivotal role in advancing global efforts to address climate change, underscoring the urgency and importance of international cooperation in combating environmental challenges.
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