BAKU, Azerbaijan, July 1. Azerbaijan and the International Finance Corporation (IFC) have discussed issues related to goals and overall commitments on climate finance within COP29, Trend reports.
According to the Azerbaijani Economy Ministry, the discussions were held at a meeting between Economy Minister Mikayil Jabbarov and IFC Global Director for Climate Business Jamie Fergusson.
Furthermore, the meeting addressed issues related to COP29 in Azerbaijan, green transition, and entrepreneurship development, as well as discussing the goals defined within COP29, common commitments on climate finance, and other potential areas of cooperation.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held in Azerbaijan in November this year. The decision was made at the plenary meeting of COP28 held in Dubai on December 11 last year. Within two weeks, Baku, having become the center of the world, will host about 70,000–80,000 foreign guests.
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, which 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 the parties have decided otherwise, COP is held annually. The first COP event was held in March 1995 in Germany's Berlin, with its secretariat in Bonn.
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