(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 12. Azerbaijan's
Export and investment Promotion Agency (AZPROMO) under the Ministry
of Economy is actively supporting the 29th session of the
Conference of the Parties to the UN Framework convention on Climate
Change (COP29) by planning a series of events to promote
collaboration and stimulate action, Deputy Executive Director of
AZPROMO Tural Hajili said, Trend reports.
He made the remark at the International Forum on Sustainable
Development and Climate Innovation in Baku today.
According to him, Azerbaijan takes a significant step forward in
the fight against climate change in 2024 by hosting COP29.
He explained that as part of COP29, the Baku Climate Action Week
will be held, during which AZPROMO will organize several thematic
roundtables on topics such as zero-emission shipping, sustainable
finance, artificial intelligence, and circular economy
principles.
"These discussions aim to promote innovation, enhance climate
resilience, and accelerate green growth initiatives in Azerbaijan
and beyond. The roundtables will foster collaboration between
various stakeholders, including businesses, government
institutions, and international organizations.
By facilitating this dialogue, AZPROMO hopes to achieve
practical results that will contribute to Azerbaijan's sustainable
development goals," Hajili also said.
He further announced the launch of the Baku Initiative for
Climate Finance, Investment, and Trade Dialogue (BICFIT Dialogue),
which will take place during COP29.
"On November 14, during Finance, Investment, and Trade Day at
COP29, we will host the BICFIT Dialogue, one of 14 initiatives
under the COP29 presidency's action plan. This dialogue will
support the integration of finance, investment, and trade to combat
climate change and achieve sustainable development goals.
High-level discussions will focus on effective and coordinated
strategies to address climate challenges," Hajili explained.
On the same day, according to him, AZPROMO will participate in
the Climate Business Investment and Philanthropy Platform in
collaboration with the World Economic Forum (WEF) and the
International Finance Corporation (IFC).
"This platform will provide business leaders, philanthropists,
and investors an opportunity to showcase their commitment to
climate action and sustainable development.
A key event will be the presentation of the Climate Finance
Initiative, which connects leaders from finance, government,
philanthropy, and civil society to accelerate a just transition to
a decarbonized future. A joint session with the WEF will link
foreign investors committed to climate goals with local firms,
fostering collaborative projects," he mentioned.
Simultaneously, in partnership with the World Trade Organization
(WTO), events on 'green' finance, sustainable industrial
production, and decarbonization will take place at the Trade and
Investment House Pavilion.
"The global business landscape is increasingly shaped by
sustainability and innovation principles. In the context of foreign
direct investment (FDI) and exports, companies recognize the
importance of integrating climate factors into their
strategies.
The shift to green technologies, sustainable supply chains, and
climate-resilient business models is not only an ethical imperative
but also a key driver of long-term economic growth," Hajili
noted.
He emphasized that AZPROMO's role in promoting FDI and exports
is closely aligned with these global trends.
"Foreign investments in Azerbaijan's renewable energy sector are
driving the development of wind and solar power, positioning the
country as a regional leader in clean energy production," said the
AZPROMO representative.
In his view, businesses today must play an active role in
advancing global sustainability efforts.
"As governments and international organizations intensify their
focus on climate change, companies must align their operations with
sustainability goals. This includes adopting circular economy
methods, reducing carbon emissions, and innovating for a
sustainable future.
By doing so, we can create a world where economic growth and
environmental protection go hand in hand, ensuring a prosperous
planet for current and future generations," the AZPROMO official
stressed.
This November, Azerbaijan will host COP29. This decision was
made at the COP28 plenary meeting held in Dubai on December 11 last
year. Baku will become the center of the world and will receive
about 70–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an
agreement signed at the Earth Summit in Rio de Janeiro in June 1992
to prevent dangerous human interference with the climate system.
COP-the Conference of the Parties-is the highest legislative body
overseeing the implementation of the Framework Convention on
Climate Change. There are 198 countries that are parties to the
Convention. Unless the parties agree otherwise, the COP is held
annually. The first COP event took place in March 1995 in Germany's
Berlin with its secretariat in Bonn.
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