Azerbaijan's AZPROMO Talks On Plans For COP29 Events, Business Role

(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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