BAKU, Azerbaijan, October 30. The Baku Initiative for Climate Finance, Investment, and Trade (BICFIT) will hold a high-level meeting within COP29, Azerbaijan's Minister of Economy Mikayil Jabbarov wrote on his X page, Trend reports.
The minister pointed out that BICFIT represents a promising opportunity to strengthen global collaboration in areas such as climate finance, investment, trade, and sustainable development.
"In a video conference with UNCTAD [United Nations Conference on Trade and Development] Secretary-General Rebeca Grynspan, we discussed preparations for the upcoming High-Level Meeting on BICFIT, scheduled for COP29. We emphasized BICFIT’s potential to drive inclusive climate finance, harness private sector contributions, and support global decarbonization efforts," he added.
During the meeting, they discussed preparations for the high-level meeting on BICFIT, which will take place at COP29. It was noted that BICFIT holds great potential for creating global synergy by integrating climate financing, investment, trade, and sustainable development. The discussions within BICFIT are expected to play a significant role in shaping climate financing on an inclusive basis, utilizing the private sector's potential, and contributing to the global decarbonization efforts.
The initiative encompasses several key goals, including supporting sustainable development, promoting investments in green diversification, and facilitating international experience exchange in this area.
The UN Conference on Trade and Development (UNCTAD) and the United Nations Development Programme, represented in the relevant Global Working Group for COP29, are coordinators for the BICFIT initiative proposed by Azerbaijan.
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.
