Ensuring Financial Mechanisms At COP29 Loom Highly Crucial - Azerbaijani Economy Minister

(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 16. Ensuring financing mechanisms at COP29 is extremely important, said Azerbaijani Economy Minister Mikayil Jabbarov during a panel discussion at the World Economic Forum in Davos, Trend reports.

"Given its complexity, COP28 was a resounding success. The deliverable outcomes include an emphasis on improving energy efficiency, increasing the volume of renewables, and transitioning away from fossil fuels. Given all of this, it can be deemed a success. It was made feasible by hard labor," said the minister.

He noted that as the host of COP29, Azerbaijan also understands that there is a certain bar of expectations.

"This is a responsibility to continue the process in a similar successful way. The main thing is ensuring the financing mechanisms. This is extremely important," added Jabbarov.

The decision to host COP29 in Azerbaijan was officially announced in Dubai on December 11, 2023.

Besides Azerbaijan, both Armenia and Bulgaria nominated their candidatures. However, after direct negotiations between the Office of the President of the Republic of Azerbaijan and the Office of the Prime Minister of Armenia on December 7, 2023, Armenia decided to withdraw its candidacy in favor of Azerbaijan. Bulgaria followed suit and also withdrew its candidacy.

On January 4, 2024, Mukhtar Babayev, Minister of Ecology and Natural Resources of Azerbaijan, was appointed as President of COP29.

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