(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 8. Possible greenenergy deals at COP29 to be held in Azerbaijan this November mayoffer access to broader markets, CEO at Romania's SmartlinkCommunications consulting company, analyst, consultant, and thinktanker Radu Magdin told Trend .
He believes that Azerbaijan will have many opportunities andchallenges during COP29 this year, as the country can work togetherwith other states to accomplish climate goals in the region andbeyond by fostering cooperation, promoting inclusion and addressingunique issues into account.
"First of all, Azerbaijan's strategic location as an energy hubprovides an opportunity for foreign stakeholders to engage indiscussions related to the transition from fossil fuels torenewable energy sources. As a result, Azerbaijan could become arelevant country when the energy transition is discussed and somegreen energy deals expected during COP29 may offer economicopportunities and access to broader markets," said Magdin.
Also, according to the expert, foreign stakeholders can leveragethe spotlight on Azerbaijan to showcase their commitment to climateaction and sustainable development.
"But a really significant opportunity is that hosting COP29could help Azerbaijan integrate more closely with the Europeancommunity, especially given its role as a non-Russian natural gassupplier to the EU. So, Azerbaijan's participation in climateaction discussions can enhance its economic ties with Europe," headded.
Azerbaijan will host the 29th session of the Conference of theParties to the UN Framework Convention on Climate Change (COP29)this November. This decision was reached during the COP28 plenarymeeting held in Dubai on December 11, 2023. In less than two weeks,Baku is poised to become the epicenter of global climatediscussions, welcoming an estimated 70,000 to 80,000 foreigndelegates.
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, an acronym for Conference of Parties, signifies the highestlegislative authority overseeing the Convention's implementation, 198 nations are party to the Convention. By default, COPsessions are convened annually unless otherwise decided by theparticipating parties. The inaugural COP convened in March 1995 inBerlin, with its secretariat headquartered in Bonn.
As Azerbaijan prepares to host COP29, it assumes a pivotal rolein advancing global efforts to address climate change, underscoringthe urgency and importance of international cooperation incombating environmental challenges.
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